The Tax Publishers2019 TaxPub(DT) 4088 (Rai-Trib) : (2019) 073 ITR (Trib) 0138

INCOME TAX ACT, 1961

Section 263

AO had specifically enquired assessee regarding transactions with LB India Holding Mauritius-II Ltd. and after various rounds of hearing and deliberation with assessee and scrutinizing documents filed before him as well as submissions of assessee, AO had passed an order, therefore, assessment order could not be treated as erroneous and in so far prejudicial to the interest of revenue.

Revision under section 263 - Erroneouus and prejudicial order - AO having specifically enquired as regards impugned issue -

CIT invoked jurisdiction under section 263 on the ground that AO failed to make any enquiry as regards share application money received by assedssee from LB India Holding Mauritius-II Ltd. and accordingly, CIT held assessment order to be erroneous and prejudicial to that extent.Held: AO had specifically enquired assessee regarding transactions with LB India Holding Mauritius-II Ltd. and after various rounds of hearing and deliberation with assessee and scrutinizing documents filed before him as well as submissions of assessee, AO had passed an order, therefore, assessment order could not be treated as erroneous and in so far prejudicial to the interest of revenue.

Relied:Malabar Industrial Co. Ltd. v. CIT (2000) 109 Taxman 66 (SC) : 2000 TaxPub(DT) 1227 (SC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2008-09



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