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2015 (2) TMI 938 - ITAT LUCKNOWRevision u/s 263 - AO has failed to disallow/make addition on account of commission to foreign agents - Held that:- Detailed explanation furnished by the assessee was examined by the Assessing Officer before accepting the claim of the assessee. Moreover, on this issue there are series of orders of the Tribunal and the judgment of the jurisdictional High court, in which it has been held that TDS is not required to be deducted on the payment of commission to foreign agent. In the light of these facts, we are of the view that this issue was duly examined by the Assessing Officer. Therefore, the order of the Assessing Officer cannot be held to be erroneous and prejudicial to the interest of the Revenue on account of lack of enquiry - Decided in favour of assessee. AO failure to inquire into the source of the additional capital brought by the partners - Held that:- In the instant case, undisputedly the Assessing Officer has raised queries through questionnaire and in response thereto the assessee has filed reply furnishing complete details which were duly examined by the Assessing Officer before accepting the claim of the assessee. There is nothing on record to establish that the assessment order on this issue is erroneous and prejudicial to the interest of the Revenue on account of lack of enquiry. Therefore, we find no merit in the order of the ld. Commissioner of Income-tax in this regard, as the Assessing Officer has made enquiry on the issue of additional capital brought by the partners.- Decided in favour of assessee. Unsecured loans not verifiable - Held that:- In this regard, the Assessing Officer has issued questionnaire and through query No.8, the assessee was asked to furnish details of unsecured credit along with address, PAN, address of the Assessing Officer, confirmations and copy of income-tax returns. In response thereto the assessee has furnished requisite information vide reply dated 28.7.2011.Therefore, it can be presumed that the Assessing Officer has made proper verification of the information furnished before him before accepting the claim of the assessee. Since the Assessing Officer has made necessary enquiry on the issues, the order of the Assessing Officer cannot be called to be erroneous and prejudicial to the interest of the Revenue on account of lack of enquiry. - Decided in favour of assessee. AO failure to make enquiries in respect of payments made to the persons covered by section 40A(2)(b) - Held that:- Assessing Officer has made query through questionnaire dated 12.7.201 vide query No.25 which is available of the compilation of the assessee and the query was duly replied by the assessee vide reply dated 28.7.2011. Therefore, with regard to this issue, it can be held that the Assessing Officer has applied his mind to the information furnished before him and the assessment order cannot be held to be erroneous and prejudicial to the interest of the Revenue. - Decided in favour of assessee. Closing stock wrongly valued - Held that:- The assessee has furnished relevant information pursuant to the query raised by the Assessing Officer. Therefore, it can be presumed that the Assessing Officer has applied his mind to the information furnished before him before accepting the claim. As held in the foregoing paragraphs that the Assessing Officer is not required to record reasons and findings on each and every issue, on which he is satisfied with the explanations of the assessee and the ld. Commissioner of Income-tax cannot set aside the order of the Assessing Officer only for the simple reason that the finding of the Assessing Officer is not acceptable to him - Revision order u/s 263 setaside - Decided in favour of assessee.
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