Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 49 - AT - Income TaxRevision u/s 263 - AO has neither called for any particulars, nor examined any alleged debtors - ingenuine sale of agricultural land - Held that:- In the case of scrutiny assessment, notices have been issued u/s 143(2) and 142(1). The information furnished has been examined and on verification of the same, the assessment has been completed. The assessee has given the names and the people who have repaid the amounts to him and all the information was available with the AO. In case of schedule land, the registration of sale deed of agricultural land does not take place and the assessee has furnished the notarized copies of the sale agreement before the AO and the CIT. Mere notarization of the sale agreement seems to be the practice in that area being schedule land. Hence the CIT, on a mere change of opinion initiated the proceedings u/s 263. The order of AO cannot be revised if it has been passed after application of mind. Merely because the opinion of the CIT is different from AO this section cannot be resorted to. In the present case the AO has gathered details with respect to repayment of hand loans by relatives and friends and also sale of agricultural land i.e. the AO has considered the explanation given by the assessee and passed an order after applying his mind. Hence, following the ratio of the decision in CIT vs. Gabriel India, [1993 (4) TMI 55 - BOMBAY High Court], we allow the assessee’s appeal. - Decided in favour of assessee.
|