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2018 (4) TMI 1721 - HC - Income TaxRevision u/s 263 - AO had failed to carry out proper inquiries with respect to assessee’s on-money receipts - Tribunal, by the impugned judgment, reversed the order of Commissioner - HELD THAT:- In such judgment, the Tribunal observed that in the order of assessment, the Assessing Officer had raised multiple queries calling upon the assessee’s response. The Tribunal was of the opinion that the Assessing Officer had carried out detailed inquiries. The Commissioner was incorrect in holding that no inquiries were carried out. The revisional powers, therefore, could not have been exercised. Tribunal has in the impugned judgment referred to the detailed correspondence between Assessing Officer and the assessee during the course of assessment proceedings to come to a conclusion that the Assessing Officer had carried out detailed inquiries which includes assessee’s on-money transactions. It was on account of these findings that the Tribunal was prompted to reverse the order of revision. Appeal dismissed.
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