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| The Tax Publishers2019 TaxPub(DT) 4092 (Mum-Trib) INCOME TAX ACT, 1961
Section 263
There was no question of on-money as agreement value was even higher than maximum rate which was taken by the DDIT (Inv.) to ascertain the amount of on-money received by builder. As proper and sufficient enquiries were conducted by AO at the time of assessment, therefore, assessment order could not be held to be erroneous and prejudicial to the interest of revenue.
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Revision under section 263 - Erroneous and prejudicial order - Allegation as regards on-money payment made by assessee - Proper enquiry made by AO
AO received information from DDIT (Inv.) regarding on-money transactions between assessee and M/s. R towards purchase of two shops. CIT held assessment order to be erroneous and prejudicial to the interest of revenue on the ground that AO had not ednquired into the issue of on money payment and source thereof.Held: There was no question of on-money as agreement value was even higher than maximum rate which was taken by the DDIT (Inv.) to ascertain the amount of on-money received by builder. As proper and sufficient enquiries were conducted by AO at the time of assessment, therefore, assessment order could not be held to be erroneous and prejudicial to the interest of revenue.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2015-16
IN THE ITAT, MUMBAI BENCH
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