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2021 (9) TMI 402 - AT - Income TaxRevision u/s 263 - AO allowing the loss on account of differential interest under the head income from other sources in the absence of Balance Sheet/ bank statement of relevant period as erroneous and prejudicial to the interest of revenue - HELD THAT:- Absence of proper inquiring by the AO would render the assessment order erroneous as well as prejudicial to the interest of revenue. We also draw strength from the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs CIT [2000 (2) TMI 10 - SUPREME COURT] wherein it was held that an incorrect assumption of facts or an incorrect application of law will satisfy the requirement of the order being erroneous. A.O. has simply accepted the returned income filed by the assessee mentioning the fact that “after discussion and examination, income of the assessee for the A.Y. 2016-17 in the status of individual is assessed read with Section 143(3) of the Income Tax Act - The order passed by the A.O. was not in accordance with law and it is prejudicial to the Revenue. The submissions of the ld. AR and the case laws relied by him is not found tenable at the facts of the present case. Therefore, we found no error or illegality in the order passed by the ld. Pr.CIT U/s 263 of the Act and we uphold the same. - Decided against assessee.
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