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2010 (7) TMI 606 - AT - Income TaxRevision - Time barred - Block assessment - Concealment of income - whether ld. CIT was justified in cancelling the order passed under section 158BC of the Assessing Officer, under section 263 and directing him to pass fresh assessment by examining all the bank transactions - Prima facie the withdrawal of the money from bank account was much after the date when change in constitution of firm Ekta Corporation had taken place and accordingly Mukesh M. Kelawala and assessee were required to make payment for acquiring higher shares of profit in the firm Chapter XIV-B is undisputedly enacted within Income-tax Act and order passed by the Assessing Officer under section 158BC or 158BD is without any dispute an order under Income-tax Act - Once provisions of section 263 are applicable to block assessment then thereafter question of restricting completion of fresh assessment by provisions of section 158BE would not arise - the revision under section 263 is independent and different from completion of fresh assessment after revision - The only condition for invoking provisions of section 263 is that order of the Assessing Officer is erroneous insofar as it is prejudicial to the interest of Revenue and no more - In the result, the appeal filed by the assessee is dismissed
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