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2016 (7) TMI 564 - AT - Income TaxRevision u/s 263 - mistake in finding of act of the AO regarding 'on money' transactions - Held that:- CIT did not bring on record any material or evidence to point out any mistake in finding of act of the AO regarding 'on money' transactions. No reason has been given by the Ld. CIT for the deduction allowed against the income which has not been correctly computed as per provisions of the Act. For the following reasons also the order passed by the learned CIT u/s. 263 totally fails to meet the jurisdictional requirements of section 263 of the I.T. Act, 1961. (i) The issue communicated to the assessee in the show cause notice was thoroughly examined at the time of original assessment and, therefore, there was complete application of mind on the part of the Assessing Officer on this issue. (ii) Further, the Assessing Officer at the time of original assessment has adopted a view which is consistent with the view adopted by the Department itself in the preceding assessment year and, therefore, the view taken by the Assessing Officer gets supported from the principles of consistency of approach when the facts and circumstances are similar. (iii) Thus, when the Assessing Officer has taken a plausible view after thorough application of mind and after making detailed enquiry, the learned CIT cannot substitute his view by assuming jurisdiction u/s.263 of the I.T. Act. - Revision order u/s 263 quashed - Decided in favour of assessee
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