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2018 (6) TMI 1817 - AT - Income TaxRevision u/s 263 by CIT - declaration which was in the nature of unexplained nature was erroneously claimed by the assessee in addition to WIP and allowed by AO wrongly - as per CIT declaration made against WIP ould have been treated as unexplained expenditure u/s 69C and needed to be reduced from closing WIP - HELD THAT:- In the present case we find that in the assessment order AO has noted about the survey conducted on 02.02.2012, the statement of assessee was recorded on oath incurring of cash expenses. He has further noted that the details about the sources of business expenses and other expenses were called for by the assessee and the admission of additional income was also examined by him. He also noted that in the revised return, the additional income admitted was included by the assessee. We find that AO has examined the issue and after application of mind has passed the order. Before us no material has been placed by the Revenue to demonstrate that the view taken by the AO while passing the order u/s 143(3) of the Act was unsustainable in law. In the present case, Ld.PCIT was not justified in invoking the provisions of Sec.263 - We, therefore, set aside the order of Ld.PCIT, whereby he has set aside the assessment order passed by the AO u/s 143(3) of the Act. Thus, the grounds of the assessee are allowed.
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