Sales Reversal Entry is not Unexplained Expenditure: ITAT quashes Revision Proceedings [Read Order]

Sales Reversal Entry is not Unexplained Expenditure - Sales Reversal Entry - Unexplained Expenditure - ITAT quashes Revision Proceedings - ITAT - Revision Proceedings - Taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), quashed revision proceedings under Section 263 of the Income Tax Act, 1961 and held that the sales reversal entry is not unexplained expenditure. The case of the assessee, M/s. Chotanagpur Petroleum Agency, was selected for scrutiny through CASS followed by serving of notices under Section…

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