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2017 (10) TMI 1238 - AT - Income TaxRevision u/s 263 - Held that:- In the present case, the regular books of accounts, viz. the cash book, the ledger, the bank account statements, were produced by the assessee which were verified and examined vis-à-vis the findings of the search (cash found, jewellery found, immovable property found), the diary / loose sheets found and facts emerging out of the statements recorded under section 132(4) and the financial statements filed by the with the return of income. We further find that the case laws cited by the Ld. DR are not applicable in the present case. We hold that the impugned order passed by the Ld. CIT u/s. 263 of the I.T. Act is without jurisdiction and not sustainable in the eyes of law. Accordingly, the impugned order is hereby quashed and appeal of the assessee is allowed.
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