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2021 (12) TMI 1163 - AT - Income TaxRevision u/s 263 by CIT - undisclosed income and interest and remuneration paid to the partners - HELD THAT:- We note that Assessing Officer has raised the question during the assessment stage and assessee has replied to the assessing officer along with relevant documents. Thereafter, assessing officer has applied his mind and examined both the issues, viz: undisclosed income and interest and remuneration paid to the partners. Therefore, it cannot be said that the issue has not been examined by the Assessing Officer. Considering this factual position, we note that order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of Revenue Revisionary jurisdiction exercised by the Ld. Pr. C.I.T. u/s. 263 was not in tune with the facts and evidences on record duly explained to the Assessing Officer and verified by him and that being so the order passed u/s 263 of the Act on such erroneous stand is liable to be quashed. Therefore, we quash the order of the ld. PCIT u/s 263 - Appeal of assessee allowed.
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