Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (12) TMI 1171 - ITAT KOLKATARevision u/s 263 by CIT - accumulation u/s. 11(2) - HELD THAT:- Assessee had applied ₹ 4,50,172/- this year as part of application of amount to the tune of ₹ 2,76,18,535/-. And it had filed the revised schedule rectifying the Schedule-I (page 26 PB) which created the confusion. We note that the assessee has shown surplus to the tune of ₹ 8,53,939/- and has been set apart u/s. 11(2) of the Act. So the fault pointed out by the Ld. CIT(E) based on the mistake of fact which crept into while filing column 4 of Schedule-I cannot change the fact that assessee had set apart ₹ 8,53,939/- as surplus u/s. 11(2). The question of assessee applying ₹ 4,50,172/- before the beginning of F.Y. i.e. before 01.04.2016, when there is no deficit in preceding year has not been answered by the Ld. CIT(E)/DR. So the apprehension of Ld. CIT(E) that assessee has thus claimed double deduction is erroneous and on wrong assumption of fact - we do not find any omission on the part of AO while framing the assessment order on this issue - AO rightly did not draw any adverse inference on the issue which was pointed out as a fault by the Ld. CIT(E). Therefore, we find that the Ld. CIT(E) has erroneously usurped the revisional jurisdiction u/s. 263 of the Act and resultantly the same is quashed. Appeal of the assessee is allowed.
|