The Tax Publishers2022 TaxPub(DT) 4471 (Kol-Trib) : (2022) 097 ITR (Trib) 0056

INCOME TAX ACT, 1961

Section 263

Revision under section 263 - Erroneous and prejudicial order - Detailed enquiry done by AO -

Pr. CIT treated order passed by AO under section 143(3) read with section 147 as erroneous and prejudicial to the interest of revenue on the ground that AO failed to make enquiries in respect of the information received from investigation, wing on accommodation entry of Rs.60,00,000 taken by assessee from Pushkar Trading and Holding Pvt. Ltd.Held: As far as the issue of taking accommodation entry of Rs. 60,00,000 from Pushkar Trading and Holding Pvt. Ltd., was concerned this was the issue on the basis of which re-assessment proceedings were initiated and a specific notice was given to assessee. On receiving the notice under section 142(1) on the alleged accommodation entry of Rs. 60,00,000 taken from Pushkar Trading and Holding Pvt. Ltd. assessee filed detailed submission. enclosing therein the copy of bank statement of M/s. Pushkar Trading and Holding Pvt. Ltd. which indicated that assessee received a sum of Rs. Rs.30,00,000 through RTGS on 13-10-2010 and the same was repaid on 25-11-2010 through RTGS. This fact was verifiable from the bank statement of assessee-company. AO sought some more information about the alleged transaction. These series of facts prove beyond doubt that AO has conducted a detailed enquiry about the issue of alleged transaction of assessee with Pushkar Trading and Holding Pvt. Ltd. and after examining the documents filed by assessee, AO was satisfied that assessee had not entered into any bogus/accommodation entry/transaction with this party and there was no element of undisclosed income and further, the transaction was not of Rs.60,00,000 but it was transaction of Rs.30,00,000 as the loan received on 13-10-2010 and the same amount repaid on 25-11-2010. Therefore, order of AO dated 30-11-2018 could not be termed as erroneous and prejudicial.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2011-12


INCOME TAX ACT, 1961

Section 263

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