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2016 (1) TMI 1255 - ITAT DELHIRevision u/s 263 - unexplained unsecured loans - Held that:- CIT in the instant case was not having limited powers only to scrutinize the material which was available before the A.O. rather he was entitled to examine any other material available at the time of examination by him to protect the interest of the Revenue. This is not a case of estimation made by the Assessing Officer on lower side rather it is a case where the Assessing Officer has erroneously lost sight of the unsecured loans raised by the assessee during the year under consideration which is prejudicial to the interest of Revenue. As has been discussed in the preceding para, Assessing Officer has only examined unsecured loan ₹ 12,00,000/- stated to have been taken from Sunita Garg, New Delhi and has failed to make any scrutiny regarding remaining unsecured loan of ₹ 37,14,820/-, which the assessee has otherwise failed to prove. Thus when error on the part of Assessing Officer in losing sight of substantial part of unsecured loan proved to have been taken by the assessee from different lenders is apparent on the record having been prejudicial to the interests of the Revenue, the question of making proper inquiry by him (Assessing Officer), does not arise - Decided against assessee
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