Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 107 - AT - Income TaxRevision u/s 263 by CIT- disallowance of audit fee and payment of sub-contract expenses - HELD THAT:- PCIT's behest is that of sub-contract payments only which in any case stands covered in the foregoing estimation of income being on debit side of the turnover. Same reasoning applies qua assessee's audit fee payment without non-deduction of TDS as well. As decided in Indwell Constructions Vs. CIT [1998 (3) TMI 121 - ANDHRA PRADESH HIGH COURT] that such disallowances/additions are no more exigible in case of estimation of gross receipts of an assessee. We lastly refer to landmark decision in Malabar Industrial Co. [2000 (2) TMI 10 - SUPREME COURT] held that an assessment has to be fell erroneous as well as prejudicial to the interest of the Revenue; simultaneously, before the CIT or the PCIT; as the case may be, invokes his Section 263 revision jurisdiction. We accordingly are of the opinion that the learned PCIT has erred in law and on facts in exercising his Section 263 revision jurisdiction in both these assessment years. This impugned action to this effect stands reversed. - Decided in favour of assessee.
|