https://www.taxtmi.com/caselaws?id=310572 ITAT Cuttack quashed CIT(E)'s revision order u/s 263 against a trust. CIT(E) held AO's assessment erroneous for not taxing development fees collected from students, claiming inadequate enquiry. ITAT found assessee complied fully with AO's requirements per system-generated compliance report. CIT(E) failed to conduct proper enquiry after receiving assessee's reply showing capital expenditure application would eliminate taxable income. CIT(E)'s calculation excluded permissible applications u/s 11(1), constituting arithmetic jugglery rather than incorrect law application. No enquiry conducted by CIT(E) to establish assessment was erroneous and prejudicial to revenue interest. en-us Tue, 13 Sep 2022 00:00:00 +0530 Tue, 31 Oct 2023 21:08:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310572 ITAT Cuttack quashed CIT(E)'s revision order u/s 263 against a trust. CIT(E) held AO's assessment erroneous for not taxing development fees collected from students, claiming inadequate enquiry. ITAT found assessee complied fully with AO's requirements per system-generated compliance report. CIT(E) failed to conduct proper enquiry after receiving assessee's reply showing capital expenditure application would eliminate taxable income. CIT(E)'s calculation excluded permissible applications u/s 11(1), constituting arithmetic jugglery rather than incorrect law application. No enquiry conducted by CIT(E) to establish assessment was erroneous and prejudicial to revenue interest. Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310572