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| The Tax Publishers2019 TaxPub(DT) 0488 (Jp-Trib) INCOME TAX ACT, 1961
Section 263
As AO had not ascertained as to whether assessee was having in his possession and ownership as many number of plots of land in respect of which assessee claimed to have received advance from 76 persons, order passed by AO was erroneous and prejudicial to the interest of revenue on account of lack of enquiry.
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Revision under section 263 - Erroneous and prejudicial order - Lack of enquiry -
CIT invoked jurisdiction under section 263 on the ground that AO had not ascertained as to whether assessee was having in his possession and ownership as many number of plots of land in respect of which assessee claimed to have received advance from 76 persons. AO merely relied on affidavits from alleged buyers and the statement of 5 of the buyers which nowhere narrated plot serial number, area of plot, site plan, locality, etc.Held:
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2013-14
INCOME TAX ACT, 1961
Section 263
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