The Tax Publishers2019 TaxPub(DT) 6801 (Del-Trib)

INCOME TAX ACT, 1961

Section 263

In case CIT was of the view that inquiry and verifciation was lacking, then it was incumbent upon CIT to himself conduct prima facie inquiry on his own and without making any such inquiry he could not remand back the issue once again to conduct inquiry when AO has conducted inquiry before conclusion of assessment. Accordingly, impugned order under section 263 was quashed.

Revision under section 263 - Erroneous and prejudicial order - AO duly examiened impugned issue -

CIT held assessment order to be erroneous and prejudicial to the interest of revenue on the ground that AO did not examine the issue of cash deposits in savings bank account.Held: In the course of assessment proceedings, from time-to-time AO had raised specific query with regard to source of cash deposit in Saving Bank Account and after considering the entire evidences filed by assessee and material on record and examining each and every source of cash deposit. AO had completed assessment. In case CIT was of the view that inquiry and verification was lacking, then it was incumbent upon CIT to himself conduct prima facie inquiry on his own and without making any such inquiry he could not remand back the issue once again to conduct inquiry when AO had conducted inquiry before conclusion of assessment. Accordingly, impugned order under section 263 was quashed.

Relied:DIT v. Jyoti Foundation (2013) 357 ITR 388 (Del) : 2013 TaxPub(DT) 2463 (Del-HC), CIT v. Sunbeam Auto Ltd. (2011) 332 ITR 167 (Del) : 2011 TaxPub(DT) 0088 (Del-HC) and and ITO v. D.G. Housing Projects Ltd., (2012) 343 ITR 329 (Del) : 2012 TaxPub(DT) 1727 (Del-HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2010-11



IN THE ITAT, DELHI BENCH

SUBSCRIBE TaxPublishers.inSUBSCRIBE FOR FULL CONTENT

TaxPublishers.in

'Kedarnath', 7, Avadh Vihar, Near Nirali Dhani,

Chopasni Road

Jodhpur - 342 008 (Rajasthan) INDIA

Phones : 9785602619 (11 am - 5 pm)

E-Mail : mail@taxpublishers.in / mail.taxpublishers@gmail.com