2015 (11) TMI 1777

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....Shri Rajiv Varshney. ORDER Shri Shamin Yahya,   This appeal by the assessee is directed against the order of learned Commissioner of Income Tax, Raipur dated 22nd March, 2012 and pertains to assessment year 2007-08. The issue raised is that the learned CIT erred in passing order u/s 263 of the I.T. Act. 2. In this case the learned CIT noted that the assessee had debited profit and....

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....e of 2.24%. It was further submitted that section 40(a)((ia) does not apply where there is a short deduction of TDS. It was claimed that the same applies only where there is no deduction. For this proposition the assessee relied upon two decisions of ITAT. Considering the above, learned CIT held as under : " I have gone through the records as well as the submissions made by the AR. Contra....

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....d law. In para 5 of his reply dated 20th March, 2012, Shri Maloo has himself agreed that CIT can assume revisional jurisdiction where the AO has passed an order by incorrect assumption of facts or incorrect application of law. The discussion made above clearly show that the order of the AO is both erroneous as well as prejudicial to the interest of revenue because the same is passed without proper....

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....o 19. 6. In the background of aforesaid factual aspect it cannot be said that the AO had not made necessary enquiries and the details were not furnished. Hence this plank of learned CIT's argument that necessary enquiry is not made is not sustainable. 7. Another plank of learned CIT's assuming jurisdiction is that the rate of TDS applied is short. We find that this issue is duly covered by t....