NARAYAN DAS KUBBA,SRIVIJAYNAGAR vs. INCOME TAX OFFICER, SURATGARH

ITA 378/JODH/2019Status: DisposedITAT Jodhpur21 December 2020AY 2015-166 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer (AO) had considered the issues of stock valuation and unsecured loans, and after examining the assessee's explanations and supporting documents, chose to accept them. Therefore, the revisional jurisdiction under Section 263 was not validly exercised.

What were the facts?

The assessee's assessment order for AY 2015-16 included an addition of Rs. 2.50 Lacs for unverifiable business expenditure. The Pr. CIT initiated revision proceedings under Section 263, citing lack of proper inquiry on stock valuation and unsecured loans.

What were the issues?

Whether the Pr. CIT validly exercised revisional jurisdiction under Section 263 when the AO had already considered and accepted the assessee's explanations on stock valuation and unsecured loans.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JODHPUR BENCH, JODHPUR

Before: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Rajendra Jain (Advocate)-Ld. AR
For Respondent: Shri K.C. Badhok- Ld. CIT- DR

Manoj Kumar Aggarwal (Accountant Member): -

1.

By way of this appeal, the assessee challenges the validity of revisional juri iction u/s. 263 as exercised by learned Pr. Commissioner of Income-Tax, Bikaner, [in short referred to as ‘Pr.CIT’], for Assessment Year [in short referred to

The order continues below.

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