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2023 (4) TMI 525 - ITAT CHENNAIRevision u/s 263 - estimation of agricultural income derived by the assessee - in respect of Tomato crop, the PCIT disputed estimation made by the AO only for the reason that the estimation made by the AO is higher than the estimation made by the assessee - HELD THAT:- PCIT has not brought on record any cognizant reason and also explained how the assessment order passed by the AO on the issue of estimation of income from Tomato crop, is incorrect. In our considered view, when the AO has completed best judgment assessment in terms of provisions of section 144 of the Act, it is as good as the AO has applied his mind to relevant facts in right perspective of law and has taken a plausible view. The view taken by the AO may not be acceptable to the PCIT - unless view taken by the AO is unsustainable in law, it cannot be open to the PCIT to assume his jurisdiction and revise the assessment order. It is not a case of PCIT that the AO has not carried out necessary enquiries in the given facts and circumstances of the case, because as per available records, the AO has discussed at length in assessment order and also obtained certain details from the public domain including from National Horticultural Board and arrived at a conclusion that the probable yield of a particular crop grown by the assessee is approximately at particular quantity. Estimation made by the AO may not be accurate, but if the AO has applied a scientific method for estimation of income in the given facts and circumstances of the case and said estimation is based on certain reliable information available as per public domain, in our considered view, the PCIT cannot exercise his power conferred u/s. 263 of the Act, and set aside assessment order only on the ground that the estimation made by the AO on a particular crop is higher than the estimation made by the assessee. PCIT, has conveniently ignored other two crops, where estimation made by the assessee is more than the estimation made by the AO, whereas, questioned one crop where the estimation made by the AO is higher than the estimation made by the assessee. Thus assumption of jurisdiction by the PCIT is incorrect - Decided in favour of assessee.
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