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2018 (2) TMI 47 - AT - Income TaxRevision u/s 263 - diallowance of interest claimed by the assessee for paying earnest money - interest free funds sufficient to meet investments - Held that:- In reply to show cause notice the assessee had explained the facts that there were sufficient interest free funds but Ld. CIT held that no evidence was filed whereas the fact remains that assessment record was with him and copies of balances sheet were part of the assessment record. The Ld. CIT should have examined those records with respect to reply filed by assessee and then he should have noted his satisfaction which he has failed to do. In view of the above, the order passed by CIT u/s 263 is quashed. - Decided in favour of assessee.
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