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2023 (9) TMI 468 - AT - Income TaxRevision u/s 263 - Scope of the affidavit relief upon by the AO - As per CIT assessee-company paid cash to M/s Cardio Technovention for the purpose of taking reversal of entry as commission received through proper banking channel and this issue was not thoroughly examined while completing the assessment - HELD THAT:- As affidavit was filed on the directions of Ld. AO for which he had powers to call for filing an affidavit to prove the fact that cash was not received by M/s Cardio Technovention. The same could not have been left aside and inferences drawn on the basis of documents which otherwise did not have anything explicit and patent to hold different opinion. It is not self serving affidavit of the assessee but of concerned party from whom allegedly the assessee had benefited. There is no finding of Ld. PCIT as to which matter from the survey was contradicting the affidavit. The aforesaid narration of relevant queries made during re-assessment and replies of the assessee are sufficient to show that Ld. AO has asked for the affidavit, only to reaffirm that replies are supported with on oath deposition too. Ld. Pr.CIT has thus fallen in error to exercise powers u/s 263 to hold AO wrongly relied the affidavit from M/s Cardio Technovention. The impugned order u/s 263 of the Act is quashed. Decided in favour of assessee.
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