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2023 (6) TMI 31 - ITAT CHANDIGARHRevision u/s 263 - as per CIT AO has not made the relevant enquiry regarding identity, creditworthiness and genuineness of the transaction of unsecured loan taken by the assessee - HELD THAT:- The findings of the ld PCIT that cash payment is not accounted for in books of account is not borne out of records. We find that the assessee would still be eligible to claim availability of funds to the extent of intangible additions which has suffered taxation and also attained finality given that the assessee’s application under the VSV scheme has been accepted by the Competent authority on payment of due taxes. Apparently, the said fact which is clearly emerging from the records has not been considered by the ld PCIT and in our overall analysis, his findings in this regard therefore need to be set-aside. We are of the considered view that the matter has been duly enquired into by the AO, specific queries has been raised from time to time and after taking into consideration the submissions of the assessee, the explanation of the assessee which is duly corroborated by documentation has been accepted by the AO and in view of the same, the findings of ld PCIT that proper and complete enquiry has not been conducted by the AO and the latter has erroneously accepted the version of the assessee without relevant documentation is not borne out of records and the same is set-aside and therefore, the order so passed by the AO cannot be held as erroneous in so far as prejudicial to the interest of the Revenue - Decided in favour of assessee.
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