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Tax Tribunal Upholds Assessee's Appeal Against Revision Order The Tribunal allowed the appeal of the assessee against the order of the Principal Commissioner of Income Tax-10, Kolkata dated 29.01.2019 under section ...
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Tax Tribunal Upholds Assessee's Appeal Against Revision Order
The Tribunal allowed the appeal of the assessee against the order of the Principal Commissioner of Income Tax-10, Kolkata dated 29.01.2019 under section 263 of the Income Tax Act, 1961 for the assessment year 2014-15. The Tribunal held that once the income offered under the Income Declaration Scheme (IDS) 2016 is accepted by the Department, the assessment order cannot be revised. It was deemed inappropriate for the Principal Commissioner to revise the assessment order under section 263 after the assessee availed IDS 2016 and paid taxes, as it would contradict the spirit of the scheme.
Issues: Appeal against order of Pr. Commissioner of Income Tax-10, Kolkata dated 29.01.2019 u/s 263 of the Income Tax Act, 1961 for AY 2014-15.
Analysis: 1. The appeal was filed by the assessee against the order of the Pr. Commissioner of Income Tax-10, Kolkata dated 29.01.2019 under section 263 of the Income Tax Act, 1961 for the assessment year 2014-15.
2. The assessee had already offered Long Term Capital Gain of Rs. 74,24,380/- to tax under the Income Declaration Scheme (IDS) 2016 and paid taxes accordingly. The Pr. CIT proposed adding the purchase price of Rs. 1,00,000/- and bringing the commission payment of Rs. 3,76,219/- to tax.
3. The Income Declaration Scheme (IDS) 2016 application and the items of addition in question were part of the IDS, not the original assessment order passed under section 143(3) of the Act. Therefore, the Tribunal held that once the income offered under IDS is accepted by the Department, the assessment order cannot be revised.
4. Additionally, the Tribunal noted that when a person avails IDS 2016 and pays taxes, it is not appropriate for the Pr. CIT to revise the assessment order under section 263 of the Act. Doing so would go against the spirit of the scheme. Consequently, the Tribunal canceled the revision and allowed the appeal of the assessee.
5. Therefore, the Tribunal allowed the appeal of the assessee against the order of the Pr. Commissioner of Income Tax-10, Kolkata dated 29.01.2019 under section 263 of the Income Tax Act, 1961 for the assessment year 2014-15.
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