Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 154 - AT - Income TaxRevision u/s 263 - No genuineness of the purchase and sale of shares and profits earned shown - HELD THAT:- We find that while accepting the return of income filed by the assessee all the details and documents filed by the assessee, and satisfied himself with the genuineness of the claims of the assessee. Assessing Officer discharged his duties as an investigator as well as an adjudicator, and took a possible view. Such a view cannot be held as unsustainable in law. Assessing Officer during the course of original assessment proceedings issued a notice u/s 142(1) and called for details and information. AO called for details of purchases/sales/stocks in a particular format. The assessee filed a reply on 09/11/2017. Demat Statements, for the period 01/04/2014 to 31/03/2015, were filed. Copy of contract notes, copies of Bank pass books, copies of ledger accounts of brokers etc. were filed. All the transactions were on the stock exchange platform. Assessing Officer verified the same and he did not find anything adverse, in the claims. This is not a case of non-verification or non-application of mind. The ld. Pr. CIT, in his order passed u/s 263 of the Act, has failed to make out a case that the order of the Assessing Officer is erroneous as well as prejudicial to the interest of the revenue, which is a condition precedent for invoking jurisdiction u/s 263 of the Act. See M/S GITSH TIKMANI, HUF, case [2019 (9) TMI 1177 - ITAT KOLKATA] - Decided in favour of assessee.
|