M/S. RITHWIK RK JOINT VENTURE,HYDERABAD vs. PRINCIPAL COMMISSIONER OF INCOME TAX, ALLAHABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Shri.Vijay Pal Rao & Shri Ramit Kochar

section 263 on the ground that the Assessing Officer should have made further enquiries rather than accepting the explanation. The learned AR has also relied upon the following decisions:- 1. CIT vs. Amit Corporation 21.taxmann.com 64 2. CIT vs. Sun Beam Auto Limited 332 ITR 167 3. CIT vs. Gabriel India Limited 203 ITR 108 4. CIT vs. Vikas Polymers

M/S RITHWIK RK JOINT VENTURE vs. PR. CIT, ALLAHABAD

In the result, both the appeals of the assessee are partly allowed