GESTAMP AUTOMOTIVE INDIA PVT.LTD,PUNE vs. PRINCIPAL COMMISSIONER OF INCOME TAX-3, PUNE

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ITA 216/PUN/2021Status: DisposedITAT Pune20 October 2021AY 2014-1512 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer had made sufficient inquiry and the assessee had provided detailed explanations. The revisionary jurisdiction under Section 263 was not legally exercisable as none of the clauses under Explanation 2 were met.

What were the facts?

The Principal Commissioner of Income Tax invoked revisionary jurisdiction under Section 263, alleging the assessment order was erroneous and prejudicial to revenue due to lack of inquiry. The assessee argued that detailed explanations and documents regarding foreign exchange losses and other expenses were provided to the Assessing Officer.

What were the issues?

Whether the revisionary jurisdiction invoked by the Principal Commissioner under Section 263 was valid due to alleged lack of inquiry by the Assessing Officer.

Which sections of the Income-tax Act were involved?

Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “C” BENCH, PUNE

Before: SHRI R.S.SYAL, VP & SHRI PARTHA SARATHI CHAUDHURY, JM

For Appellant: Shri Nikhil Mutha
For Respondent: Shri Shekhar L. Gajbhiye &, Shri A.M Mahadevan Krishnan
Hearing: 13.10.2021Pronounced: 20.10.2021

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The Pr. CIT, Pune-3 धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “सी” बेंच, 4. पुणे / DR, ITAT, “C” Bench, Pune. गार्ा फ़ाइल / Guard File. 5.

आदेशानुसार / BY ORDER, // True Copy // धनजी सधचव / Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Date 1 Draft dictated on 12.10.2021 Sr.PS/PS 2 Draft placed before author 18.10.2021 Sr.PS/PS 3 Draft proposed and placed JM/AM before the second Member 4 Draft discussed/approved by AM/JM second Member 5 Approved draft comes to the Sr.PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 Date of uploading of order Sr.PS/PS 8 File sent to Bench Clerk Sr.PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R 11 Date of dispatch of order

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