Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (11) TMI 602 - AT - Income TaxRevision u/s 263 - allowability of exemption u/s 54F - Held that:- We find that the A.O. has conducted detailed enquiry and also examined the issue of allowability of exemption u/s 54F of the Act. The assessee has filed necessary details and also made a fresh claim u/s 54F of the Act, by filing revised statement of total income. The A.O. after satisfied with the explanations offered by the assessee has accepted the claim. Therefore, we are of the view that the CIT was incorrect in assuming jurisdiction to revise the assessment order, once assessee explained that it had filed all the details before the A.O. on the issue, on which CIT wants further verification. It is a general presumption of law that the A.O. has considered all the details before completion of assessment and the CIT cannot presume that the enquiries conducted by the A.O. is insufficient and also the A.O. has not applied his mind, unless the CIT categorically proves that the assessment order passed by the A.O. is erroneous. In so far as the observation of the CIT, with regard to the decision of Goetz (India) Ltd. (2006 (3) TMI 75 - SUPREME Court ), we are of the view that though the Supreme Court held that a fresh claim before the A.O. can be made only by filing a revised return and not otherwise, the A.O. is well aware of the legal position and after considering the relevant facts chosen to allow the exemption claimed by the assessee, which cannot be termed as erroneous in so far as it is prejudicial to the interest of the revenue. Therefore, the assessment order passed by the A.O. u/s 143(3) of the Act, is not erroneous in so far as it is prejudicial to the interest of the revenue. Order passed by the CIT u/s 263 quashed - Decided in favour of assessee
|