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2013 (11) TMI 173 - ITAT CHENNAINecessity of classification of head of Income in the assessment by the Assessing officer – Passing of direction by commissioner u/s 263 of the Income Tax Act – Assessee had entered into an agreement for transfer of its business of providing Automated Teller Machines (ATM) with all accessories of the above said business to a purchaser company namely Classic payment Solutions and Services Private Limited – Assessing officer never enquired the assessee about the head of the income i.e. whether the income was from business or from any other ‘head’ as prescribed in the “Act” – Held that:- CIT in his order nowhere writes a finding that the assessment order is ‘erroneous causing prejudice to the interest of the Revenue – Assessing officer has held that the receipt in question is not ‘business income’, but ‘income from other sources’. Thereafter, he has dealt with other issues pertaining to business loss and depreciation - CIT has rightly passed the impugned order under section 263 of the “Act” by directing the Assessing Officer to proceed afresh about the ‘head’ of income and other issues.
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