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2018 (3) TMI 890 - AT - Income TaxRevision u/s 263 - AO has not called for and taken on record all the necessary details, has not even examined the bank statement of the assessee company to see whether the interest was paid to the directors or whether the TDS was deducted on that or not, and has not sought any detail as to whether the loans were utilized for the purpose of construction at 3, Kapashera Estate, the rented property or the other property at 3A, Kapashera Estate - Held that:- There was no want of enquiries on the part of the Ld. assessing officer and as a matter of fact all the relevant material was submitted before the Ld. CIT also. However, without adverting to the circumstances and material pleaded by the assessee, Ld. CIT has recorded a finding that the AO has not called for and taken on record all the necessary details of the Ld. assessing officer has not even examined the bank statements of the assessee company to see whether the interest was paid to the directors or whether the tedious was directed or not. Further, when the explanation was offered by the assessee wide letter dated 08/02/2017, Ld. CIT recorded a finding that the details as to whether the loans were utilized for the purpose of construction at 3, Kapashara estate the rented property or the other property. All the details were available before the Ld. CIT. In the circumstances, we find that the exercise of revision proceedings by the Ld. CIT is not justified - Decided in favour of assessee.
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