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2015 (6) TMI 33 - AT - Income TaxRevision u/s 263 - Bank a/c was maintained towards Sony Wines, whereas the assessee was claimed to be the proprietor of M/s Sri Rama Wines - Held that:- As that assessee is proprietor of M/s. Sri Srirama Wines and since he was earlier working with another concern namely Sony Wines, the care-of address of that concern was given while opening the bank account. This being the factual position, no enquiry on this aspect of the matter was required to be done by the A.O. and it cannot be said that the order of the A.O. passed under section 143(3) was erroneous as alleged by the Ld. CIT on the basis of point No.1 raised in the notice issued under section 263. As per P & L a/c, the turnover is of ₹ 44.00 lakhs for which the accounts are to be audited u/s 44AB of the I.T. Act but neither the assessee furnished the audit report nor the A.O. called for the it and examined. - Held that:- CIT(A) in notice issued under section 263 that the A.O. having failed to call for the tax audit report under section 44AB which was required to be filed by the assessee, his order suffered from an error, as find merit in the contention of the Ld. Counsel for the assessee that the action of the A.O. in not calling for the tax audit report under section 44AB cannot be regarded as an error in the order of the A.O. which is prejudicial to the interests of the Revenue. Bank account reflected business activities for only 3 months and the balance transactions throughout the year were stated as activities on the agricultural lands of assessee's wife - Held that:- As regards non-examination of the transactions reflected in the bank account of the assessee for the period from 01.07.2008 to 31.03.2009, it is observed that this aspect was duly examined by the A.O. during the course of assessment proceedings as is evident from the relevant portion of the assessment order which wherein the issue relating to the transactions reflected in the bank account of the assessee from 01.07.2008 to 31.03.2009 was examined by the A.O. and on such examination, the addition of ₹ 40,500 was also made by the A.O. to the total income of the assessee being estimated interest income. A possible view on this issue thus was taken by the A.O. after due examination and application of mind and even if the same was not acceptable to the Ld. CIT, he cannot exercise the powers conferred upon him under section 263 to substitute his own view for the possible view taken by the A.O. - Decided in favour of assesse.
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