Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd
 
 
From the Courts »
 Radico Nv Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii, New Delhi & ORS.
  Vijay Vishin Meghani vs. DCIT (Bombay High Court)
  Dayawanti vs. CIT (Supreme Court)
  Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Vijay Vishin Meghani vs. DCIT (Bombay High Court)
 CIT vs. Balbir Singh Maini (Supreme Court)
 Dayawanti vs. CIT (Supreme Court)
 Claris Life Sciences Limited vs. DCIT (ITAT Ahmedabad) (Special Bench)
 Pr CIT vs. Reliance Capital Asset Management Ltd (Bombay High Court)
 H. Naginchand Kincha vs. Superintendent of Police (Karnataka High Court)
 Commissioner Of Income Tax Delhi-Ix, New Delhi Vs. M/s Arya Exports & Industries

Pr CIT vs. Mera Baba Reality Associates Pvt Ltd (Delhi High Court)
September, 15th 2017

S. 263: Lack of inquiry vs. Inadequate inquiry: Revision on the ground that the AO did not conduct a detailed inquiry on account of paucity of time is unfair to the assessee and invalid (Amitabh Bachhan 384 ITR 200 (SC) & Maithan International 375 ITR 123 (Cal) distinguished

(i) What is interesting in the present case is that this exercise under Section 263 of the Act was undertaken after a full-fledged exercise has already been undertaken by the AO under Section 153A of the Act. Incidentally, it may be mentioned that, from the facts that have emerged, if so-called incriminating material was found during the course of the search in the case of K.S. Dhingra & G.S. Dhingra Group, the assessment proceeding ought to have been initiated against the Assessee under Section 153C of the Act. The Assessee of course did not question this because the assessment order ultimately was not adverse to the Assessee. The AO had a full-fledged opportunity to undertake a detailed enquiry, and having not done so on account of paucity of time, there cannot be any inference that the inadequate inquiry led to the AO to arrive at incorrect facts.

(ii) Reliance is also placed by Mr. Rahul Chaudhary on the decision of the Supreme Court in CIT v Amitabh Bachhan [2016] 384 ITR 200 (SC). There the Supreme Court found, on facts, that the Assessee after having claimed an exemption during the course of the assessment proceedings, withdrew such claims despite which no enquiry was undertaken by the AO into this aspect. This, according to the Supreme Court, ought not to have resulted in the proceedings simply being dropped by the AO.

(iii) The facts in the present case, however, are different. As noticed by the ITAT, following the notices issued in the course of the assessment proceedings by the AO, on more than one occasion the Assessee furnished the complete details sought. Where the Assessee has in fact furnished the details that are available with him along with explanation to the queries raised by the AO, to permit the exercise of the revisionary jurisdiction only on the ground that the AO did not have sufficient time to verify the details furnished would be unfair to the Assessee. The PCIT must be satisfied, after application of his mind, that the order of the AO was erroneous with respect to the material made available to him. No such application of mind by the PCIT is evident from the impugned order which was under challenge before the ITAT.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions