M/S. RIDHI SIDHI HOME DEVELOPERS PVT. LTD.,SRI GANGANAGAR vs. ITO, SRIGANGANAGAR

ITA 384/JODH/2019Status: DisposedITAT Jodhpur21 December 2020AY 2015-167 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the Assessing Officer had made specific inquiries regarding the valuation of closing stock and accepted the assessee's submissions. Therefore, the Pr. CIT's assumption of lack of proper inquiry was incorrect, and the revisional jurisdiction under Section 263 could not be sustained.

What were the facts?

The assessee's assessment order for AY 2015-16 was revised under Section 263 by the Pr. CIT. The Pr. CIT believed the assessment order was erroneous and prejudicial to the revenue due to inadequate inquiries regarding loans and closing stock valuation. The assessee argued that proper inquiries were made and details were provided.

What were the issues?

Whether the revisional order passed by the Pr. CIT under Section 263 was valid when the Assessing Officer had conducted sufficient inquiries regarding the closing stock valuation.

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 Ld. Pr. Commissioner of Income-Tax, Bikaner, (Pr. CIT), for Assessment Year (AY) 20

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 263

All 13,616 judgments and leading authorities on Section 263 →

Recent GST High Court judgments

Search GST case law →