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2011 (7) TMI 638 - HC - Income TaxSetting aside of order passed by CIT u/s 263 by holding that Commissioner has not furnished any opinion on any of the issues raised in his order u/s 263 - CIT(A) exercised revisionary powers u/s 263 on ground that order was erroneous and prejudicial to the interest of revenue on account of improper and inadequate scrutiny by the A.O - Held that:- A perusal of the assessment order passed u/s 143 clearly shows that none of the issues as has been noticed by the CIT had been considered and analysed by AO. Further, it has not been discussed by the AO as to how and why the returned income of Rs. 8,53,480/- was accepted against the surrendered income of Rs. 12,00,000/- by the assessee. The assessee was required to justify that surrendered income had to be reduced to declared income due to post surrender losses. Though no specific format is prescribed for passing an assessment order, yet in the facts, the circumstances and the basis thereof were required to be dealt with by the AO. Matter is remitted to the Tribunal for decision afresh - Decided against Assessee.
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