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2014 (12) TMI 308 - BOMBAY HIGH COURTValidity of order of revision u/s 263 – Erroneous or prejudicial to interest of revenue – Held that:- The Tribunal was of the view that there could be an explanation and which was later on furnished so as to explain the source of funds - the Assessee offered a sum as additional income in the returns filed after the search - if after examining the details the AO accepts one of the possible views, then his order cannot be called erroneous and prejudicial to the interest of the Revenue – Relying upon CIT v/s. Gabriel India Ltd. [1993 (4) TMI 55 - BOMBAY High Court] - inquiries have been made in regard to nature of the expenditure incurred by the Assessee, the explanation has been given and which the Assessee termed as a detailed explanation and in writing - the claim was allowed by the AO on being satisfied with this explanation of the assessee - Such an order or assessment made by the AO could not have been held to be erroneous simply because elaborate or better reasons could have been assigned - If the Commissioner initiates proceedings u/s 263 and hears the assessee, but on examination of the entire material what he upsets or rather interferes with is a possible view, then the course adopted by him was held to be impermissible in law. The AO has made inquiry and which also appears to have been reflected in the figures - assessee was carrying on petroleum and other business for more than 15 years and earned additional income - diary entries have been referred to and the AO's conclusions have been eventually upheld - once inquiry was made and how the view taken by the AO is demonstrated to be possible and plausible one, then, there is no reason that the Tribunal's order can be termed as perverse or vitiated by any error of law apparent on the face of record – as such no substantial question of law arises for consideration – Decided against revenue.
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