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2018 (12) TMI 210 - AT - Income TaxRevision u/s 263 - bogus purchases - difference in purchase of gold jewellery, silver and the copper purchases - Held that:- AO called for the details and verified the same and found that the assessee has accounted the purchases correctly. The assessee also furnished the details of purchases before the AO, party wise and found no difference. Hence, we observe that the assessee has correctly accounted the purchases and did not over state the purchases and there is no understatement of income on account of purchases. Therefore, CIT has invoked the jurisdiction without having any error in the assessment order which was not prejudicial to the interest of the revenue. Hence, we hold that the order passed by the Ld. Pr. CIT is unsustainable, accordingly quash the order and allow the appeal of the assessee.
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