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2015 (5) TMI 813 - AT - Income TaxRevision u/s 263 - examination of sale of property and genuineness of long term capital gains - Held that:- The details called for by the Assessing Officer were furnished by the assessee and such details were accepted by the Assessing Officer and in such circumstances, it cannot be said that there is a lack of enquiry. There was an enquiry, though it is inadequate and in such circumstances, in view of the above decisions, the Commissioner of Income Tax lacks jurisdiction under section 263 of the Act to revise the assessment order. Thus, respectfully following the said decisions of CIT Vs. Sunbeam Auto Ltd. [2009 (9) TMI 633 - Delhi High Court] and CIT Vs. Development Bank Ltd [2010 (2) TMI 161 - BOMBAY HIGH COURT] we set aside the impugned order of the Commissioner of Income Tax - Decided in favour of assesse.
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