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The Tax PublishersITA No. 171/Jodh/2018
2020 TaxPub(DT) 2125 (Jod-Trib)INCOME TAX ACT, 1961
Section 263
Where relevant material was on record and same was considered by AO and a particular view was taken, the mere fact that different view could be taken, could not be the basis for treating assessment order as erroneous and prejudicial.
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Revision under section 263 - Erroneous and prejudicial order - Assessment order passed after detailed enquiries as regards impugned issues -
Pr. CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground of AO having allowed assessee's claim of net interest without verification of nature of interest, business need of loans on which interest was paid. Held: AO had passed assessment order after detailed scrutiny of books of account, after making enquiries, verification and examination of net interest. As material was there on record and said material was considered by AO and a particular view was taken, the mere fact that different view could be taken, could not be the basis for treating assessment order as erroneous and prejudicial.
Relied:Malabar Industrial Co. Ltd. v. CIT (2000) 243 ITR 83 (SC) : 2000 TaxPub(DT) 1227 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
IN THE ITAT, JODHPUR BENCH
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