| |
| The Tax Publishers2019 TaxPub(DT) 8354 (Ahd-Trib) INCOME TAX ACT, 1961
Section 263
Books of account, voucher, bank statement invoice and purchase bills were readily available for inspection by AO and AO during assessment proceedings under section 143(3) had carried out necessary verification as evident from notice issued under section 142(1) vis-a-vis reply made by assessee and thereafter framed assessment, accordingly, order of AO could not be held as erroneous insofar prejudicial to the interest of revenue on the ground of no proper enquiry.
|
Revision under section 263 - Erroneous and prejudicial order - No lack of enquiry on AO's part as alleged by CIT -
CIT held order passed by AO as erroneous insofar prejudicial to the interest of revenue on the ground that payment made by assessee to one 'A' and one's represented for piece of land belonging to these person, however, assessee had claimed the same as revenue expenditure, instead of capitalizing the same either as work-in-progress or closing stock and AO allowed assessee's claim without proper enquiry and application of mind.Held: Books of account, voucher, bank statement invoice and purchase bills were readily available for inspection by AO and AO during assessment proceedings under section 143(3) had carried out necessary verification as evident from notice issued under section 142(1) vis-a-vis reply made by assessee and thereafter framed assessment, accordingly, order of AO could not be held as erroneous insofar prejudicial to the interest of revenue on the ground of no proper enquiry.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, AHMEDABAD BENCH
 SUBSCRIBE FOR FULL CONTENT
|