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2013 (10) TMI 1401 - AT - Income TaxRevision u/s 263 - Held that:- The non application of mind by the assessing officer to the material available on record with regard to the amount recovered by the police amounts to an error which is prejudicial to the interest of the revenue. No doubt, the addition made in the hands of Shri Abdul Rasheed was deleted by the CIT(A). But this fact has to be examined by the assessing officer and whether the assessee has explained the source for the above said money or not has to be verified and reasons recorded in the assessment order itself. Since the assessing officer has not verified the source for the above said amount, this Tribunal is of the considered opinion that the Administrative Commissioner has rightly exercised his jurisdiction u/s 263 of the Act
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