Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 46 - AT - Income TaxRevision u/s 263 - AO's order erroneous as well as prejudicial to the interests of the Revenue - undisclosed capital introduced - Held that:- We noted that in this case, the assessee vide its letter dated 28.01.2014 has given complete details of the capital introduced during the impugned assessment year. Not only this, it is apparent from page 17 of the paper-book wherein the assessee has given details of ₹ 76 lacs towards capital introduced. Out of ₹ 76 lacs, ₹ 20 lacs was given to the firm M/s. Dev Steel vide cheque dated 30.03.2007. The assessee has also filed copy of balance sheet of M/s. Dev Steel in which the assessee capital accounts and current account is duly reflected. Capital account shows ₹ 20 lacs, copy of which is placed at pages 22 and 23 of the paper-book. Thus, we find that the assessee has filed all these before the Assessing Officer. IT is apparent that it is not a case where the Assessing Officer has not made due inquiry in respect of capital introduced by the assessee in the firm. Rather the Assessing Officer has made inquiry and in reply thereto the assessee has submitted copies of the details A perusal of the order passed by the CIT indicated that the assessment order passed by the Assessing Officer was cancelled on the ground that the Assessing Officer has not made proper enquiry and verification in respect of the issues. This, in our considered opinion, cannot be sufficient ground for cancelling the assessment. While making the assessment order, it is the satisfaction of the Assessing Officer who made the enquiry and it should be touchstone of assessment order passed by him. No cogent material or evidence was brought to our knowledge by the Ld. DR which may prove that view taken by the Assessing Officer in the case of the assessee was unsustainable in law. Therefore, we are of the view that the order passed by the CIT is illegal and without jurisdiction. If the order passed by the CIT is sustained then this will permit the illegality to continue and the subsequent action is carried out on the illegal order is also illegal per se. - Decided in favour of assessee.
|