TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal overturns CIT's order under IT Act, supports AO decision</h1> <h3>BASANT Versus COMMISSIONER OF INCOME TAX</h3> The Tribunal quashed the CIT's order under section 263 of the IT Act, finding that the Assessing Officer had conducted a detailed inquiry despite lack of ... - Issues involved: Appeal against order of CIT-II, Jodhpur u/s 263 of IT Act, 1961 for asst. yr. 2008-09 (sic'2006-07).Details of the Judgment:Issue 1: CIT's order under s. 263 of IT ActThe CIT observed omissions and lack of inquiry in allowing deduction u/s 10B. Show-cause notice issued to assessee. CIT found AO's order erroneous and prejudicial to Revenue's interest. CIT set aside AO's order directing fresh examination.Issue 2: Assessee's argumentsAssessee's counsel argued that AO conducted detailed inquiry before allowing deduction u/s 10B. Previous year's order by CIT(A) upheld by Tribunal. Assessee's claim for deduction under s. 10B for previous years was allowed.Issue 3: Department's stanceCIT-Departmental Representative supported CIT's order, stating AO's lack of inquiry and non-compliance with Jt. CIT's directions. Department did not accept Tribunal's order for previous year.JudgmentTribunal found CIT's order liable to be quashed. AO conducted detailed inquiry despite lack of elaboration in order. Assessee's submissions, Jt. CIT's directions, and CIT(A)'s previous order considered by AO. Tribunal upheld AO's order, setting aside CIT's order. Previous year's Tribunal order supporting AO's decision considered. Assessee's appeal allowed, restoring AO's original order.
TaxTMI 
