Back
HIGH COURT OF GUJARAT
BHARGAV D. KARIA, D.N. RAY
Principal Commissioner of Income Tax – Appellant
Versus
Asiatic Bearing Co. – Respondent
ORDER :
D.N. RAY, J.
1. Heard learned Senior Standing Counsel Mr. Karan Sanghani for the Appellant.
2. The present Tax Appeal is filed under section 260A of the Income Tax Act, 1961, by the Appellant, arising from the order dated 10.11.2023 passed by the Income Tax Appellate Tribunal ITAT (for short “the”) Rajkot, in ITA No. 67/Rjt/2022 for the Assessment Year 2012-2013, proposing the following substantial questions of law:
A) Whether on the facts of the case as well as in law, the Appellate Tribunal was justified in quashing the order under Section 263 of the Income Tax Act particularly when Explanation 2 of Section 263 of the Act was expressly invoked by the Ld. PCIT to deem an order prejudicial and erroneous to the interest of revenue?
(B) Whether on the facts of the case as well as law, the Appellate Tribunal was justified in quashing the order under Section 263 of the Income Tax Act of Ld. PCIT especially when the Assessment Order passed by the AO is unsustainable in law?
(C) Whether on the facts of the case as well as law, the Income Tax Appellate Tribunal was justified in quashing the order u/s. 263 of the Income Tax Act of Ld. PCIT observing that the A.O. not erred in applying th
The Principal CIT cannot substitute his opinion for that of the Assessing Officer unless the latter's view is legally unsustainable, reaffirming the principle that only real income is taxable.
The court emphasized that any interference with the finding of the fact is not warranted if it involves re-appreciation of evidence.
The court established that an assessment order can be deemed erroneous and prejudicial if it is passed without necessary inquiries or verification, particularly regarding the creditworthiness of loan....
The central legal point established in the judgment is that the assumption of jurisdiction by the Commissioner of Income Tax under Section 263 of the Income Tax Act must be justified, and the assessi....
The court upheld the ITAT's decision that the assessment order was not erroneous or prejudicial as necessary inquiries were conducted, reaffirming the limits of appellate jurisdiction under income ta....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
