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The Tax PublishersITA No. 699/Ahd/2015
2020 TaxPub(DT) 1434 (Ahd-Trib)INCOME TAX ACT, 1961
Section 263
As evident, AO during assessment proceedings required assessee to furnish details of transactions covered under section 40A(2)(b) and assessee in response to queries raised file complete copies of ledgers of transactions carried out with related parties, accordingly, assessment order framed after due verification by AO could not be held as erroneous insofar prejudicial to interest of revenue.
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Revision under section 263 - Erroneous and prejudicial order - no lack of enquiry on AO's part -
CIT held assessment order as erroneous and prejudicial to the interest of revenue. On the ground of AO not having made enquiry as regards transactions covered under section 40A(2)(b).Held: As evident, AO during assessment proceedings required assessee to furnish details of transactions covered under section 40A(2)(b) and assessee in response to queries raised file complete copies of ledgers of transactions carried out with related parties, accordingly, assessment order framed after due verification by AO could not be held as erroneous insofar prejudicial to interest of revenue.
Supported by:Malabar Industrial Co Ltd. v. CIT (2000) 109 Taxman 66 (SC) : 2000 TaxPub(DT) 1227 (SC), CIT v. Kamal Galani (2018) 95 taxmann.com 261 (Guj) : 2018 TaxPub(DT) 4872 (Guj-HC), CIT v. Arvind Jewellers (2003) 124 Taxman 615 (Guj) : 2003 TaxPub(DT) 0342 (Guj-HC) and CIT v. Mehsana District Co-op. Milk Producers Union Ltd. (2003) 130 Taxman 235 (Guj) : 2003 TaxPub(DT) 1178 (Guj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11
IN THE ITAT, AHMEDABAD BENCH
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