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2019 (10) TMI 927 - HC - Income TaxRevision u/s 263 - Show cause notice proceeds on the basis that the books of accounts, transaction accounts of share trading carried out by the assessee vis-a-vis D-mat accounts have not been examined by the AO during the course of assessment proceedings - HELD THAT:- In the assessment order AO has recorded that he examined D-mat account in order to verify the share trading activities claimed by the assessee. Moreover the before passing the assessment order, sale, purchase and closing stocks were also examined by the AO. Thus, the basis to invoke section 263 of the Act factually did not exist as there was due enquiry by the AO during the assessment proceedings leading to the assessment order dated 28 March 2014. Thus, it is amply clear that the Assessing Officer has applied his mind while accepting the claim of the Respondent of operating loss making the proceedings under section 263 of the Act bad in law. In any event, the view taken on fact by the Assessing Officer is a possible view and the same is not shown to be bad. - Decided against revenue.
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