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2023 (5) TMI 909 - AT - Income TaxRevision u/s 263 - As per CIT-A no question was raised by the AO for exempt income from sale of script u/s 10(38) - HELD THAT:- Admittedly, the case was selected under scrutiny on account of exemption claimed on the purchase and sale of the scripts u/s10(38) - But the AO has not verified the exempt income from sale of script of Lifeline Drugs & Pharma Ltd and TVS motors u/s 10(38) - case of the assessee was selected under complete scrutiny, but the AO has not verified the source of investment in immovable property and interest income/ interest expense. Accordingly, we hold that the verification has not been done by the AO during the assessment proceedings with respect to exempt income on sale of script of Lifeline Drugs & Pharma Ltd and TVS motors u/s 10(38) of the Act, purchase of immovable property, and interest income/expense. It is a settled position of law that non-verification of the AO renders the assessment order as erroneous in so far prejudicial to the interest of revenue. See MALABAR INDUSTRIAL CO. LTD. case [2000 (2) TMI 10 - SUPREME COURT]. No infirmity in the order framed u/s 263 - Decided against assessee.
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