SMT. PARULBEN RAJUBHAI TRIVEDI,AHMEDABAD vs. ITO, WARD-6(1)(3), AHMEDABAD

ITA 1308/AHD/2018Status: DisposedITAT Ahmedabad28 March 2019AY 2013-1418 pages
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What did the Tribunal hold?

The Tribunal held that the Pr.CIT failed to establish that the AO's order was erroneous and prejudicial to the revenue. It was noted that the assessee had provided explanations and evidence, and the AO had exercised its discretion. The inquiry into the 'source of source' was not considered mandatory in this case.

What were the facts?

The assessee purchased properties and showed unsecured loans as the source of investment. The Principal Commissioner of Income Tax (Pr.CIT) initiated revision proceedings under Section 263, alleging the Assessing Officer (AO) failed to conduct adequate inquiries into the creditworthiness of the lenders and cross-verify transactions.

What were the issues?

Whether the Pr.CIT correctly assumed jurisdiction under Section 263 when the AO had made inquiries and the assessee had provided explanations regarding the source of funds for property purchases.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 68

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Income Tax Appellate Tribunal, “C” BENCH, AHMEDABAD

Before: SHRI PRADIP KUMAR KEDIA & SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR

For Respondent: Shri O. P. Sharma, CIT.D.R

PER PRADIP KUMAR KEDIA - AM:

The captioned appeal has been filed at the instance of the Assessee against the order of the Principal Commissioner of Income Tax-6, Ahmedabad (‘Pr.CIT’ in short), dated 26.03.2018 passed under s.263 of the Income Tax Act, 1961 (the Act) whereby the assessment order passed by the Assessing Officer (AO) dated 30.11.2015 under s. 143(3) of the A

The order continues below.

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