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2022 (12) TMI 695 - AT - Income TaxRevision u/s 263 - Plant & Machinery which were acquired and installed are eligible for deduction u/s. 32(1)(iia) for additional depreciation as the same being part of new EDC Plant (Ethylene Dichloride Plant) commissioned during the financial year - HELD THAT:- In the present case, AO has issued a detailed notice u/s. 142(1) calling for various details from the assessee and the assessee also had made detailed replies to the above notices with proper evidences and necessary records were being submitted before the AO for verification. AO having carried out such detailed inquiries satisfied with the explanation offered by the assessee, it was not open for the PCIT to thereafter revise the issues on mere apprehensions and surmises. Assessing Officer had made detailed inquiries and after applying his mind and satisfied genuineness of the transactions which is plausible view adopted by the AO. Thus, we find no error in the order passed by the AO so as to justify initiation of revision proceedings u/s. 263 by the Ld. PCIT. Therefore the Revision order dated 27-03-2015 is hereby quashed and the grounds of appeal raised by the Assessee are hereby allowed.
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