SIR RATAN TATA TRUST,MUMBAI vs. CIT (EXEMPTION), MUMBAI

ITA 773/MUM/2021Status: DisposedITAT Mumbai16 February 2022AY 2016-1713 pages
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What did the Tribunal hold?

The Tribunal held that the CIT(E) erred in exercising revisional jurisdiction as the Assessing Officer had indeed made necessary inquiries regarding the nature of investments. The Tribunal relied on its previous decisions for identical facts in preceding assessment years.

What were the facts?

The CIT(E) invoked revisional jurisdiction under Section 263 of the IT Act, stating the AO failed to conduct detailed inquiries regarding the assessee's investments in shares. This action was taken for AY 2016-17, and the assessee argued that similar revision orders for preceding AYs were quashed by the Tribunal.

What were the issues?

Whether the CIT(E) correctly invoked Section 263 powers when the AO had already examined the assessee's share investments in light of Sections 11(5) and 13(1)(d).

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 11(5),Section 13(1)(d)

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Income Tax Appellate Tribunal, MUMBAI BENCH “D”, MUMBAI

Hearing: 15/12/2021Pronounced: 16/02/2022

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Exemptions), Mumbai [hereinafter referred to as ‘the CIT(E)’] dated 17.03.2021 passed under section 263 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for the AY 2016-17. आअसं.773/मुं/2021(िन.व.2016-17)

2.

Sh. Sukhsagar Syal appearing on behalf of the assessee submitted that the CIT(E) invoked revisional juri iction under section 263 of the Act on the gr

The order continues below.

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