Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 708 - AT - Income TaxRevision u/s 263 by CIT - AO has not made any inquiry, about the application of provisions of u/s 115JB for computing tax on Book Profit - to invoke the power u/s 263, twin conditions must be satisfied with (i) the order of the assessing officer should be erroneous (ii) It must be prejudicial to the interest of the revenue - HELD THAT:- We find that the assessment order has been passed in pursuance to the specific direction given by the Tribunal restoring the issue of examining the genuineness of 5 sundry creditors. AO was bound to follow the direction given by the Tribunal and it was not open for him to ignore the same and further he was also not permitted to deal with any other issue other than the direction given by the Tribunal as it would have resulted in judicial indiscipline. We find that the AO has duly adhered the direction of the Tribunal and tested the genuineness of the five sundry creditors and confirming addition for unexplained four creditors holding them to non-genuine We can therefore, safely conclude that the order framed by the assessing officer u/s 143(3) r.w.s 254 is not erroneous, and thus one of the twin conditions is not fulfilled. Pr. CIT exceeded the jurisdiction by invoking the powers u/s 263 and is therefore, liable to be quashed. - Decided in favour of assessee.
|