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2023 (7) TMI 670 - ITAT MUMBAIRevision u/s 263 - source of investment in unlisted equities was part of the proceeding - imitation by the ld. PCIT to invoke section 263 for the second time - HELD THAT:- As no enquiry is said to have been made on this issue of investment in unlisted equities and thereby no addition to this extent was made. On perusal of the records, we do not find any documentary evidences furnished by the assessee in support of its claim that the impugned investment was made in F.Y. 2011-12 by way of furnishing the bank statement or any other supporting documents to explain the source of the investment made by the assessee in M/s. Armani Industries (I) Pvt. Ltd. As pertinent to point out that there was no bar on limitation by the ld. PCIT to invoke section 263 for the second time considering the order to be erroneous insofar as it is prejudicial to the interest of the Revenue for the reason that the A.O. has not gone into the issue of the impugned investment which was part of the first section 263 proceeding. It is apparent that the A.O. has not enquired into the issue of investment made by the assessee and it does not fall in the case where the assessee has enquired into the issue and taken one of the plausible view. As the order of the ld. PCIT invoking section 263 is valid since the assessment order sought to be revised was erroneous insofar as it is prejudicial to the interest of the Revenue. Decided against assessee.
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