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| The Tax Publishers2019 TaxPub(DT) 8164 (Ind-Trib) INCOME TAX ACT, 1961
Section 263
There was no adverse material regarding share transaction carried out by assessee and no specific finding/statement of any third party against assessee and name of assessee nowhere figured in any of the statement. The transaction was effected through stock exchange and all the related evidences had been filed. Pr.CIT should have brought some material rebutting the view adopted by AO which had not been done. The issue was simply restored to AO for making enquiry. For this reason, invocation of jurisdiction under section 263 was not justified.
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Revision under section 263 - Erroneous and prejudicial order - CIT restored assessment order to AO on the ground of AO not having made addition on account of unexplained investment in shares -
CIT invoked jurisdiction under section 263 and restored assessment order to AO on the ground that AO only disallowed exemption claimed under section 10(38) and taxed the surplus arising out of transaction of sale of shares as long-term capital gain, however did not make addition on account of unexplained investment.Held: There was no adverse material regarding share transaction carried out by assessee and no specific finding/statement of any third party against the assessee and name of assessee nowhere figured in any of the statement. The transaction was effected through stock exchange and all the related evidences had been filed. Pr.CIT should have brought some material rebutting the view adopted by AO which had not been done. The issue was simply restored to AO for making enquiry. For this reason, invocation of jurisdiction under section 263 was not justified.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, INDORE BENCH
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