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| The Tax Publishers2019 TaxPub(DT) 7780 (Mum-Trib) INCOME TAX ACT, 1961
Section 153A
AO had indeed made enquiries on the impugned issue of transfer of shares by way of gift to another related concern and assessee had given detailed reply explaining that transfer of shares was done as a measure of administrative convenience as a result of changing business dynamics and thereafter, had taken a possible view thereon, accordingly, order passed by AO could not be treated as erroneous and prejudicial to the interests of revenue.
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Revision under section 263 - Erroneous and prejudicial order - AO took a possible view after due enquiry -
CIT held assessment order to be erroneous and prejudicial to the interest of revenue on the ground that claim of assessee that it had gifted shares of M/s. Dish TV India Ltd. to a related concern M/s. Direct Media Solutions (P) Ltd. and no capital gains arose in this case was accepted by AO as such and no enquiry was made in this regard during assessment proceedings.Held: AO had indeed made enquiries on the impugned issue of transfer of shares by way of gift to another related concern and assessee had given detailed reply explaining that transfer of shares was done as a measure of administrative convenience as a result of changing business dynamics and thereafter, had taken a possible view thereon, accordingly, order passed by AO could not be treated as erroneous and prejudicial to the interests of revenue.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, D BENCH, MUMBAI
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