ARUN KUMAR PALAWAT,JAIPUR vs. PR CIT, JAIPUR-1, JAIPUR, JAIPUR

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ITA 144/JPR/2022Status: DisposedITAT Jaipur11 April 2023AY 2017-18Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)37 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO was duty-bound to restrict inquiries to the limited scrutiny issues. The PCIT could not expand the scope of inquiry beyond the original reasons for selection. The AO's assessment order was not erroneous or prejudicial to revenue.

What were the facts?

The assessee's case was selected for limited scrutiny regarding 'Deduction against income from other sources'. The Assessing Officer (AO) completed the assessment at returned income after verification. The Principal CIT (PCIT) invoked revisionary powers under Section 263, holding the AO's order erroneous and prejudicial to revenue due to lack of proper inquiries on loan utilization and interest.

What were the issues?

Whether the PCIT can revise an assessment order under Section 263 for issues not forming part of the limited scrutiny notice, and if the AO's inquiries were adequate within the scope of limited scrutiny.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 142(1),Section 57

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 144/JP/2022

For Appellant: Shri R.K. Bhatra (CA) &, Shri S.R. Sharma (CA) jktLo dh vksj ls@
For Respondent: Shri Ajey Malik, CIT D/R
Hearing: 28/02/2023Pronounced: 11/04/2023

vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

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