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2022 (8) TMI 949 - AT - Income TaxRevision u/s 263 - During the survey operations, deficit cash balance was found in the hands of the assessee - HELD THAT:- AO has carefully considered the additional income offered by the assessee during the survey proceedings and concluded that the assessee has paid the tax including the undisclosed income detected during the survey. Explanation 2 to section 263 of the Act requires the AO to cause enquiries and verification before passing the assessment order. We find from the order of the AO that the show cause notice was issued to the assessee to disclose the undisclosed income and pay tax accordingly. The assessee has rightly discharged his duty of disclosing the undisclosed income as intimated to the assessee by the AO and paid taxes accordingly, which was also recorded in the order of the AO. We, therefore, find that the order of the AO is neither erroneous nor prejudicial to the interest of the revenue. We hereby set aside the order of the Ld. Pr. CIT passed u/s.263 of the Act and restore the order of Ld. AO - Appeal of assessee allowed.
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