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2023 (5) TMI 412 - AT - Income TaxRevision u/s 263 - assessment was framed based on survey findings - appeal is pending before Ld. CIT(A) - discrepancy in stock and disallowance u/s 40A(3) for jewellery acquired in cash - HELD THAT:- The discrepancy in stock was added under the head business income whereas disallowance u/s 40A(3) for jewellery acquired in cash through exchange was estimated at 10%. It is quite clear that there was clear application of mind on the issues as flagged in the revisionary order. Proceeding further, it could also be seen that the assessee preferred further appeal against both the issues which was pending for adjudication at the time of revision. This being so, the case of the assessee would be covered under Clause (c) of Sec.263(1) which puts a bar on initiation of revision u/s 263 when an appeal is pending before Ld. CIT(A). As relying on Smt. Renuka Philip case [2018 (12) TMI 129 - MADRAS HIGH COURT] and similar ratio has been laid down in CIT vs. VAM Resorts and Hotels Pvt. Ltd. [2019 (8) TMI 1418 - ALLAHABAD HIGH COURT] we would hold that the revision u/s 263 was bad-in-law and the same is therefore, liable to the quashed. Decided in favour of assessee.
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