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2018 (6) TMI 216 - ITAT HYDERABADValidity of the revisionary order passed under section 263 - Held that:- Inspite of clear explanation given by assessee, in its reply to the show cause notice, Ld.CIT did not give any findings on the issues but held that AO has completed assessment without proper enquiry and overlooking the vital aspects - thus we are of the opinion that the order of AO is neither erroneous nor prejudicial to the interest of Revenue. Since the twin conditions are not satisfied and since CIT has not given any specific instance of overlooking ‘the vital aspects’, we cannot uphold the order U/s. 263 - thus order u/s 263 is set aside and order of original assessment u/s 143(3) is restored. - Decided in favour of assessee.
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