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2023 (3) TMI 810 - AT - Income TaxRevision u/s 263 by CIT - introduction of capital contribution by the partners and amount raise through unsecured loan - scope of lack of investigation - allegation of non application of mind by AO - HELD THAT:- The entire finding of the revisional authority was not on any cogent material. The assessment was completed by a process of verification on which the assessee had completely participated. Observation of the revisional authority is related to lack of investigation by the assessing authority related to creditworthiness & genuineness of transaction related to assessee with partners & loan creditors. The assessee in its support had complied the requirements as raised by both the revenue authorities. Though the assessment order does not patently indicate that the issue in question had been considered by the AO, the record showed that the AO had applied his mind. Once such application of mind is discernible from the record, the proceedings under Section 263 would fall into the area of the Commissioner having a different opinion. Thus investigation by the ld. AO cannot be called ‘lack of investigation’. PCIT has not brought any material on record to show that the view taken is contrary to law or the investigation is erroneous. Decided in favour of assessee.
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