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2015 (8) TMI 854 - HC - Income TaxRevision u/s 263 - as per CIT(A) proper inquiry should be made with regard to the charging of excise duty which could have impacted the drastic decrease in the rate of gross profit and net profit as compared to earlier assessment years - ITAT set aside revision order - Held that:- We are of the opinion that Section 263 of the Act, cannot be exercised by the authority in the instant case. We are of the opinion that once an inquiry has been made and the reply of the assessee has been considered, the same matter cannot be re-agitated on the ground that some further inquiry was necessary. In our view, Section 263 can be exercised where there was a lack of inquiry by the Assessing Officer and not on the ground of inadequate inquiry. If there was an inquiry and due consideration was made by the Assessing Officer, the said assessment cannot be opened on the ground that the inquiry made was inadequate. There is a distinction between lack of inquiry and inadequate inquiry. See Commissioner of Income Tax v. Sunbeam Auto Ltd. (2009 (9) TMI 633 - Delhi High Court) and CIT v. Vikas Polymers (2010 (8) TMI 745 - Delhi High Court) - Decided in favour of assessee.
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