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2021 (5) TMI 70 - AT - Income TaxRevision u/s 263 - addition u/s. 68 of the Act as unexplained cash credit being share application money and premium received by the assessee during the year - HELD THAT:- As specifically applying the decision of the Tribunal in the case of M/s. Amritrashi Infra Private Ltd.. [2020 (8) TMI 407 - ITAT KOLKATA] and in the case of M/s. Omkar Infrastructure Pvt. Ltd. [2020 (5) TMI 209 - ITAT KOLKATA] to the facts of the case on hand, we have to necessarily hold that the exercise of revisionary power by the ld. Pr. CIT, u/s. 263 of the Act, vide order dt. 27/03/2019, is bad in law. Assessing Officer in the second round of assessment proceedings, has followed all the instructions given by the ld. Pr. CIT in his first order passed u/s. 263 of the Act on 07/09/2016. This is not a case of non-enquiry or non-application of mind. The Assessing Officer has examined all the evidences and taken a possible view. Just because the total income determined by the Assessing Officer in the second round of assessment proceedings, is less than the income determined in the first assessment proceedings, the order does not become erroneous. In adequate enquiry does not warrant invocation of powers u/s. 263 of the Act. Hence we quash the same and allow the appeal of the assessee.
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