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2015 (10) TMI 470 - AT - Income TaxRevision u/s 263 by CIT(A) - CIT found that there was increase in the share capital to the extent of ₹ 34,36,04,000/- not verified by AO - The share application money to the extent of ₹ 18 crores was pending for allotment and this was also not verified by the Assessing Officer - Reserve and surplus, unsecured loan, mobilization advance, sundry creditors, excess payment were also not verified by the Assessing Officer - Held that:- It is incumbent on the part of the Assessing Officer to disclose the reasons in the assessment order for allowing or disallowing a claim of the assessee. In the absence of any reasons in the assessment order for allowing the claim of the assessee, this Tribunal is of the considered opinion that the CIT has rightly exercised his jurisdiction u/s 263 of the Act. - Decided against assessee.
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