2013 (7) TMI 483 - DELHI HIGH COURT

Revision of Assessment order u/s 263 - assessee had declared sale consideration of 4 plots at 4 lacs each - However it is alleged by the complainant that the total sale consideration received was Rs.84 lacs - Assessing Officer after conducting inquiry did not make any addition - CIT held order erroneous - Held that:- An order is not erroneous, unless the CIT hold and records reasons why it is erroneous - An order will not become erroneous because on remit, the Assessing Officer may decide that the order is erroneous - material which the CIT can rely includes not only the record as it stands at the time when the order in question was passed by the Assessing Officer but also the record as it stands at the time of examination by the CIT - inquiries were certainly conducted by the Assessing Officer - The order under Section 263 itself records that the Director felt that the inquiries were not sufficient and further inquiries or details should have been called - No substantial question of law arises - Following decision of Commissioner Of Income-Tax Versus Gabriel India Limited [1993 (4) TMI 55 - BOMBAY High Court] - Decided against Revenue.