Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1865 - AT - Income TaxRevision u/s 263 - proceedings u/s. 147 for the purpose of bringing into tax the capital gain on the information received from the Sub-Registrar about the sale deed - Held that:- It cannot be held that AO did not carry out any enquiry or verification which should have been done. Since the proceedings itself were initiated u/s. 147 for the purpose of bringing into tax the capital gain on the information received from the Sub-Registrar about the sale deed, AO did enquire and accepted the contentions of assessee that the transaction was in-dispute and ultimately was settled in September, 2013 before the Lok Adalat. AO has accepted the explanation and did not consider it fit enough to bring capital gains to tax in AY. 2009-10. Thus, AO has taken a plausible view on the facts and circumstances of the case. Even though Ld.CIT has drawn certain inferences about the legal provisions, yet it can be seen that they are debatable in nature. For this, CIT had not brought any material on record either making further enquiries or by verifications to substantiate his inferences. It is observed that CIT has undertaken the revisional proceedings only to substitute his views of taxability in the impugned year over the view of the AO, who accepted that it is not taxable in the impugned assessment year. Thus, the CIT was not justified in law in holding that the impugned order is erroneous. - Decided in favour of assessee.
|