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SANJAY K. AGRAWAL, AMITENDRA KISHORE PRASAD
Pr. Commissioner of Income Tax-1, Raipur – Appellant
Versus
Mahavir Ashok Enterprises Pvt. Ltd. – Respondent
ORDER :
Sanjay K. Agrawal, J.
1. The sole substantial question of law involved and formulated on 2-2-2023 for decision of this tax appeal preferred under Section 260A of the Income Tax, 1961 (for short, ‘the IT Act’), states as under: -
[For the sake of convenience, the appellant will be referred hereinafter as ‘Revenue’ and the respondent will be referred hereinafter as ‘assessee’.]
2. The assessee Company is engaged in the business of trading of Gold Ornaments, Gold Bullion, Diamond Ornaments & precious metals and derives income from them. The assessee’s case was selected for compulsory scrutiny consequent upon the survey action carried out at the business premises of the assessee under Section 133A of the IT Act on 6-3-2017. During the course of survey proceedings, excess stock of Rs. 2,25,75,951/-was found which th
The court affirmed that for invoking Section 263 of the Income Tax Act, both conditions of an erroneous order and prejudice to revenue must be satisfied, which were not in this case.
Section 263 revision invalid where AO conducted adequate enquiry into purchases and applied mind; PCIT cannot substitute view merely deeming enquiry inadequate without specific error.
The main legal point established in the judgment is that the revisional jurisdiction under Section 263 of the Income Tax Act can only be invoked when the order is both erroneous and prejudicial to th....
Section 263 revision invalid if AO conducted due inquiries and adopted one reasonable view on cash deposits; PCIT cannot substitute opinion or invoke on mere difference preferring higher tax treatmen....
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