2019 (12) TMI 1539

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....RDER PARTHA SARATHI CHAUDHURY, J. This appeal preferred by the assessee emanates from the order of the Ld. Pr. Commissioner of Income Tax-1, Aurangabad dated 22.03.2019 passed u/s.263 of the Income Tax Act, 1961 (hereinafter referred to as "the Act‟) for the assessment year 2014-15 as per the grounds of appeal on record. 2. The crux of the grievance of the assessee in this appeal is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssment order, it clearly states "After verification of information as available on the records, information filed during the course of assessment proceedings and after verification of books of accounts, the income filed by the assessee is hereby accepted." 4. The Ld. Pr. Commissioner of Income Tax on the other hand invoked the revisionary jurisdiction u/s.263 of the Act to look into the other i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... facts of the case, it is clear that the order of the Assessing Officer is neither erroneous nor prejudicial to the interest of the Revenue. The Hon‟ble Supreme Court of India in the case of Malabar Industrial Co. Ltd., (2000) 243 ITR 83(SC) has specifically held that "in order to assume the revisionary jurisdiction u/s.263, the order of the Assessing Officer must be erroneous so far as it i....