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2021 (1) TMI 397 - AT - Income TaxScope of rectification u/s 254 - unaccounted investment in Bungalow - cost of construction on investment in Bungalow - Revision under section 263 on receipt of report of value - HELD THAT:- As categorically recorded that the assessee was found to be in control and possession of a palatial Bungalow in the course of search, the assessee could not corroborate the cost of construction of Bungalow as recorded in the books of account with the supporting bills. The cost of construction on investment in Bungalow was purportedly recorded in the books of account; the true value thereof could not be established by the supporting documents. Since the assessee failed to offer satisfactory cooperation toward the outlay of cost of Bungalow, the assessing officer accordingly made his endeavour to explore the true value of Bungalow. The legality of order passed under section 263 is also examined. In para-12 the order, it was noted that assessee raised some other connected grounds for leading the action of Commissioner of income tax; however, the representative of assessee not addressed those grounds. As noted that before passing the order learned Commissioner of Income tax, granted opportunity to the assessee, the assessee itself has not availed those opportunity, no reasons were explained as to why the assessee did not availed the opportunity, therefore, the remaining other grounds, though were not argued, were also considered and adjudicated upon. Under the garb of present application, the applicant cannot seek appreciation or reappreciation of the facts and evidence. In our considered view, none of the contention raised in the present application required further indulgence under the scope of provision of section 254(2) of the Act. The assessee seeking review of the order which is beyond the scope of section 254(2) of the Act. Therefore, we do not find any merit or substance in the application filed by assessee for seeking rectification in the order dated 20th April 2017. In the result miscellaneous application filed by assessee is dismissed.
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