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2019 (4) TMI 1221 - AT - Income TaxRevision u/s 263 - Debit balances written-off - claimed as business loss u/s 37 or under section 28 - HELD THAT:- A.O. passed the assessment order under section 143(3) of the I.T. Act, 1961, in which the A.O. did not mention any fact, explanation of assessee or his findings with regard to issue of debiting balance written-off by the assessee in the books of account. Assessee failed to produce any evidence or material on record including the order sheet of the A.O. to establish if A.O. examined the said issue at assessment stage. He has merely referred to certain replies filed by the assessee without reference to any query raised by the A.O. It is, thus, established on record that the A.O. did not examine this issue at assessment stage. Since no investigation or enquiry have been made on the present issue and the Ld. Pr. CIT passed the Order on 31.03.2016, therefore, Explanation-2 to Section 263 is clearly attracted in the present case The conditions of Explanation-2 to Section 263 of the I.T. Act which clearly satisfied in the present case. Therefore, the assessment order is clearly erroneous in so far as it is prejudicial to the interests of the Revenue on this issue. - Decided against assessee
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