Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 1102 - HC - Income TaxRevision u/s 263 - irregular capital assets - Held that:- The A.O. while examining the facts as provided by the assessee found them to be correct. One fact, which came to light was that there was a change in the constitution of the firm in the second period i.e. from 01.11.2002 to 31.03.2003 and upon examining them also the facts have been found to be correct in respect of the fixed assets. The Tribunal further records that no defects were pointed out either by the A.O. or by the CIT while examining the books of account of the assessee. The Tribunal has, therefore, come to the conclusion that two essential ingredients of Section 263 of the Act are not attracted in the present case (A) no error has been found in the decision taken by the A.O. and (B) no prejudice to the revenue has been found in respect of the books of account of the assessee. Insofar as the capital assets of the assessee are concerned, the details with regard to the capital assets and his partners have also been examined and no irregularity was found in that also. Thus the provisions of Section 263 of the Act are not attracted in the present case. The Tribunal has taken the correct view. The questions of law are, therefore, answered in favour of the assessee and against the department.
|