Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1189 - AT - Income TaxRevision u/s 263 by CIT - PCIT has raised the issues of Short Term Capital Gain, Long Term Capital Gain, exemption u/s 10(36) of the Act and deduction claimed u/s 57 - HELD THAT:- We have duly considered the assessment orders in all the four cases and at the very outset it can be seen that all the issues which were the subject matter of the show cause notices issued by the PCIT had already enquired into by the Assessing Officer and he, after duly considering the voluminous documents and evidences furnished by the assessees, reached a conclusion after due application of mind. It is a matter of record that specific queries were raised by the AO and voluminous details were filed in respect of ‘Long Term Capital Gain’. Complete details regarding unsecured loans were also called for and duly furnished by the assessees. Similarly, details with regard to sale and purchase of gold coin, income from house property and deduction u/s 57 of the Act were duly called for by the AO and the assessee made due compliance in this regard too. It is also not the case of the Department that the assessees did not discharge their onus before the AO. It is also seen that the claim/s u/s 57 have consistently been allowed in the earlier as well as later assessment years by raising specific queries and no specific reasons have been given for setting aside this issue to the file of the AO. It is also borne out from records that the offer for surrender on account of Long Term Capital Gain for AY 2013-14 and 2014-15 had been retracted as is evident from the Order - Therefore, we are unable to concur with the view taken by the Ld. PCIT that the AO had not conducted necessary enquiries prior to the passing of the assessment orders. We also do not agree with the argument advanced by the Ld. CIT DR that there was a non-application of mind on the part of the AO. In the present cases, no such inquiry has been carried out by the PCIT and he has simply directed the AO to carry out detailed inquires. In our considered opinion, PCIT, without making further inquiries on his own account, has simply stated in the impugned orders that the AO was required to make more inquiries. The Ld. PCIT has not pointed out as to what further inquiries was the AO required to make and as to how without those inquires the ordesr of the Assessing officer were erroneous in so far as prejudicial to the interest of the Revenue. In the present cases A.O. made the requisite enquiries, therefore, these are not cases of no enquiry and if the Ld. Pr. CIT was not satisfied with the enquiries made by the AO, he should have conducted the enquiries himself to record the findings that the assessment orders were erroneous and he should not have simply set aside the orders passed by the AO directing him to conduct the further enquiries. AO asked the assessee to furnish the relevant details relating to Long Term Capital Gain, Short Term Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act and unsecured loans and the assessees furnished all the relevant documents which were examined by the AO who has taken a possible view. Therefore, it is our considered view that there was a due application of mind on the part of the AO in all the four cases and adequate and proper enquiries had been conducted by the AO in this regard and, therefore, the impugned orders passed u/s 263 of the Act have no feet to stand on. Accordingly, we hold that the proceedings u/s 263 of the Act were bad in law in all the captioned four appeals and we quash the revisionary proceedings for the reason that the AO had made adequate enquiries is all the four cases and further the PCIT had not conducted any independent enquiry on his own before coming to an incorrect conclusion that the assessment orders were erroneous as being prejudicial to the interest of the revenue and were liable to be set aside. - Appeal of assessee allowed.
|