Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (1) TMI 1175 - AT - Income TaxDis-allowance of expenditure - Assessing Officer examined each end every aspect of the case, including the expenses relating to manufacturing and/or profit and loss account and disallowed the expenses on estimate basis - Commissioner of Income-tax doubted the disallowance made by the Assessing Officer and initiated proceedings by issuing notice dated October 12, 2009 under section 263(1) of the Act. The learned Commissioner of Income-tax, while passing order under section 263 of the Act, held that it is a fit case for invoking the provisions of section 263 of the Act, as the assessment framed by the Assessing Officer under section 143(3) on December 29, 2008, is erroneous in so far as prejudicial to the interests of the Revenue - Held that:- issue considered and decided by the learned Commissioner of Income-tax within the meaning of Explanation (c) to section 263 of the Act, does not fall under the jurisdiction of the provisions of section 263 of the Act, assessment order passed by the Assessing Officer is neither erroneous nor prejudicial to the interests of the Revenue, order of the learned Commissioner of Income-tax cannot be upheld and the same is set aside, appeal of the assessee is allowed
|