Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 315 - AT - Income TaxRevision u/s 263 - CIT held that the assessee has made total investment of Rs. 132.03 lakhs in various properties out of his undisclosed income and surrendered Rs. 72 lakhs only and directing the A.O. to make addition of Rs. 60.03 lakhs to the total income of the assessee - Held that:- it cannot be said that the A.O. has not applied his mind to this issue. Thus when the A.O. adopts one of the permissible course of law, the ld. CIT does not agree with it, the order cannot be treated as erroneous in so far as it is prejudicial to the interest of the Revenue unless the view taken by the A.O. is unsustainable in law. CIT set aside issue of verification of new cash creditors introduced during the year - Held that:- This matter was also properly examined by the A.O. The assessee filed its reply stating all facts in his letter dated 18.8.2011. The A.O. applied his mind and took a decision. The assessee also filed affidavit, which was considered by the A.O. The contents of the affidavit are deemed to be accepted in the absence of cross-examination. CIT set aside the case on account of allowing telescopic by the A.O. of Rs. 2 lakhs surrendered during the course of survey - Held that:- Investment in house at 154 G-Block, Sriganganagar, the A.O. made enquiries. The assessee surrendered Rs. 2 lakhs of brokerage receipt, which is mentioned in first para at page 9 of the assessment order. Thus, in view of the aforementioned legal position and the facts the assessment order is neither erroneous and when the twin conditions do not co exist, the order cannot be revised - Decided in favor of assessee.
|