Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (3) TMI 1231 - AT - Income TaxRevision u/s 263 by CIT - unsecured loans received - as per CIT deep rooted enquiries were required to be made, which had not been done by the AO - HELD THAT:- It is not the case of the Ld. PCIT, that the Assessing Officer had not made any enquiry while accepting the unsecured loans as genuine PCIT is, thereby, trying to substitute the plausible view taken by the AO with his own view. This course of action is not permissible under the revisionary provisions under section 263. The grievance of the Assessee is found to be justified and it is accepted as such. Looked at from any angel, the order under appeal is unsustainable in the eye of the law, and we hold so. The impugned order is, hence, reversed, whereas the assessment order is revived. Assessee appeal is allowed.
|