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2018 (9) TMI 1619 - AT - Income TaxRevision u/s 263 - rejection of books of accounts and estimation of income - Held that:- AO made due verifications of both the issues raised in the assessment order and there is no scope for inferring the adverse view. Since the income is estimated on gross turnover, the AO is not permitted to make any other addition on account of trade creditors. No error caused prejudice to the interest of the revenue from the order of the AO. Therefore, we hold that the Ld.Pr.CIT has invoked jurisdiction without any material to support his view. At best, it can be called as inadequate enquiry, but not lack of enquiry. Though lack of enquiry is a reason for taking up the case for revision, inadequate enquiry does not give any scope for invoking the jurisdiction u/s 263. Therefore, we cancel the order u/s 263 and restore the assessment order. - decided in favour of assessee.
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