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2021 (10) TMI 781 - AT - Income TaxRevision u/s 263 by CIT - unexplained cash credit under section 68 - according to PCIT, the Assessing Officer has not applied his mind on settlement made by the assessee - HELD THAT:- The present assessment order passed by the Assessing Officer under section 143(3) read with section 254 on the directions of co-ordinate Bench of this Tribunal in order to verify the claim of the assessee that assessee has settled liabilities. AO duly verified the same based on the information submitted by the assessee - assessee has settled the liabilities based on the various rights given to the parties of the picture TRISHAKTI and assessee has submitted the copies of the document/ pro note before the Assessing Officer and Assessing Officer has duly verified and accepted the settlement made by the assessee. Now, the learned PCIT verified the same and verified the various submissions made by the assessee in his 263 proceedings and he once again given a direction to the Assessing Officer to verify the settlement made by the assessee whether such settlement is proper as per law and according to PCIT, the Assessing Officer has not applied his mind and duly verified the above said settlement. In our considered view we noticed that Assessing Officer has verified the information submitted by the assessee based on the directions from co-ordinate Bench of this Tribunal and as such, the learned PCIT has not found anything to prove that assessment order is erroneous or prejudicial to the interest of the Revenue except expressing his doubt on the proceedings. - Decided in favour of assessee.
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