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2017 (2) TMI 595 - AT - Income TaxRevision u/s 263 - Held that:- Non verification of direct expenses as the project got occupancy certificate on 21.9.2010, the assessee in response to specific query filed necessary details of direct expenses vide Annexure-III filed copies of which are at pages 25 to 28 of the paper book. As in the show cause notice which is in respect of interest amount of ₹ 12.84 lakhs as direct expenses, we find from the paper book that third last item of expenses is interest on loan of ₹ 12,83,780/- which was also very much before the AO in the details of WIP of Kalamboli project as annexure-2. On non verification of genuineness of advances received from the customers, the AO called upon the assessee vide para 12 of the questionnaire dated 17.6.2011 to furnish the details of booking advances in specified format which was replied vide letter dated 20.9.2011 vide para 12 forming part of the assessee’s paper book at pages 29 and 30. From the above facts on record it is abundantly clear that the revisionary powers were exercised by the CIT without examining the assessment record was not justified as every issue raised in the show cause notice was examined by the AO. The AO raised specific query and assessee has filed specific reply to each and every point with detailed annexure which are on assessment file. Under this circumstance, we are not in agreement with conclusions drawn by the Commissioner that the assessment order is erroneous and prejudicial to the interest of revenue. - Decided in favour of assessee
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