Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 697 - HC - Income TaxRevision u/s 263 by CIT - genuineness of the capital introduced in the names of the partners - As per CIT No enquiry for ascertaining the genuineness of the loan to which AO has failed to apply his mind - ITAT reversed the order the CIT, Alwar - HELD THAT:- ITAT held that it was not a case where Assessing Officer completed the assessment without conducting necessary and proper enquiries. The issue raised by the Pr.CIT has been considered by the assessing Officer at the time of assessment and the assessee has submitted evidences and details in support of its claim made in P&L account. Therefore, in his view, the order passed by the AO U/s 143(3) of the Act on 24/3/2014 was not an erroneous order, which could be said to be prejudicial to the interest of the revenue We are inclined to concur with the view expressed by the ITAT as the order of assessment indicate that the AO has made enquiry on various issues and assessee submitted the details therefor. The enquiry pertained to the remuneration of the partners and the expenses/receipts. The Assessing Officer enhanced the return income of the assessee of ₹ 2,99,820/- to ₹ 4,55,556/- by making additions out of the various expenses. The nature of the assessment order does not bring the case of the revenue within the purview of Section 263 as such order cannot be said to be “prejudicial to the interests of Revenue - Decided in favour of assessee.
|