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2019 (11) TMI 1608 - ITAT CHANDIGARHRevision u/s 263 - Expenditure on ‘Keyman Insurance Policy’ was allowed without verification - HELD THAT:- A perusal of the impugned order of the Ld. PCIT reveals that on being asked to explain about the deduction of expenditure claimed on keyman insurance, the assessee duly explained that the assessee obtained the insurance policy for its employees and that the same was business expenditure of the assessee. PCIT without considering the submissions of the assessee and even without giving any prima-facie finding that expenditure incurred by the assessee on the keyman insurance policy of its employees was not admissible expenditure has set aside the order of the Assessing Officer merely on the ground that the Assessing Officer had not discussed about the said allowance. The action of the Ld. PCIT without considering the explanation given by the assessee and without pointing out as to what other enquires were required to be made by the Assessing Officer in the facts and circumstances of the case, has set aside the order of the Assessing Officer and remanded the matter back to the file of the Assessing Officer for passing of the assessment order afresh. The above action of the Ld. PCIT cannot be held to be justified. PCIT has failed to pin-point as to how the assessment order was erroneous and prejudicial to the interest of Revenue without pointing out as to why the claim of the assessee of the aforesaid expenditure was not allowable and as to what further investigations were required to be carried out. Merely because the Assessing Officer has not discussed in detail is no ground to hold that the order of the Assessing Officer is erroneous and prejudicial to the interest of Revenue especially when the claim of expenditure by the assessee apparently is an allowable expenditure. - Decided in favour of assessee.
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