2010 (4) TMI 920

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al is directed against the revision order passed by the Commissioner of Income-tax at Bangalore under section 263 of the Income-tax Act 1961, through his proceedings dated March 31, 2009. In the present case, the assessment was completed under section 143(3). Certain additions were made in the assessment pertaining to unexplained investment and expenditure. The Assessing Officer thereafter issu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g that the penalty proceedings was dropped in the light of the co-operation extended by the assessee in the course of survey and the assessment proceedings. Relying on the judgment of the hon'ble High Court of Karnataka in the case of CIT v. Murdeshwar Ceramics Ltd. in I. T. A. 132/B/2003 dated December 6, 2007, the Commissioner of Income-tax held that the reasons stated by the Assessing Officer w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sessee and such an addition could be made only at the cost of litigation. Therefore, there is much force in the finding of the Assessing Officer that the assessee had co-operated with the Department in the survey proceedings as well as in the assessment proceedings. One of the finest principles of taxation is that the tax must be levied and collected with least amount of resistance and litigation.....