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2017 (5) TMI 1562 - AT - Income TaxValidity of the order u/s. 263 - sale of agricultural land - Held that:- Impugned transaction of sale of agricultural land forming the basis of the order of learned Commissioner of Income Tax (Appeals) u/s. 263 of the Act has been properly adjudicated by learned Assessing Officer during the course of assessment proceedings u/s. 143(3) of the Act by way of calling specific information and the assessee has duly supplied all the information and learned Assessing Officer after taking one of the legally permissible view has accepted the bonafideness, genuineness and correctness of the transaction shown by the assessee. We are therefore of the view that the order u/s. 143(3) of the Act dated 28.12.2011 is neither erroneous nor prejudicial to the interest of revenue and needs to be restored back. - Decided in favour of assessee.
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