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2022 (12) TMI 1127 - AT - Income TaxRevision u/s 263 - According to PCIT, the AO failed to verify the excess allowance of bad debts - HELD THAT:- As this being limited scrutiny assessment framed by the AO for the purpose of verification of large business loss incurred in the money lending. We noted that the AO has gone into the details and noted in the assessment order - We also noted that all the debtors have confirmed while summoned and statements were taken from them. Some of them could not attend in person but confirmed in writing. We noted that the AO has formed an opinion and now PCIT, should not have invoked the powers of revision u/s.263 of the Act on the same issue which is examined by the AO in detail. Hence, we find that the revision order passed by PCIT is bad in law and hence, the same is quashed. Appeal filed by the assessee is allowed.
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