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2014 (1) TMI 1077 - AT - Income TaxValidity of order u/s 263 - Held that:- The Assessing Officer made elaborate inquiry into the matter - The AO has raised many questions vide questionnaire dated 17.03.2009, u/s 142 (1) of the Act - The assessee, vide letter dated 27.10.2009, submitted the details of capital gain earned during the year - On being duly satisfied with the aforesaid details called for from and duly furnished by the assessee, that the Assessing Officer accepted the amount declared under the head of capital gains - This amount was set off against the brought forward capital loss of earlier years - The observations made by the CIT that the assessee showed abnormally high expenditure, that probably the assessee should have declared before trading results, and that the income from sale/purchase of investments should have been declared as business income, are uncalled for - These observations of the ld. CIT are not based on any material and fall in the realm of conjectures and surmise, and do not entitle the provisions of Section 263 of the Act to be invoked so as to revise the assessment order - Decided in favour of assessee.
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