Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 419 - ITAT AHMEDABADRevision u/s 263 - assessment framed u/s 143(3) as erroneous insofar prejudicial to the interest of the Revenue - Addition u/s 68 - assessee during the year received unsecured loan and identity, credit worthiness and genuineness was not fully established - HELD THAT:- All the details were available or in the knowledge of the learned PCIT with respect to the loan transaction. Despite that the PCIT has restored the issue to the AO for further verification which is not desirable under the provisions of law. Once the AO after considering the materials available on record has taken one of the plausible view, then there is no reason to set aside the same issue to the file of the AO for fresh verification. We hold that there is no error in the assessment framed by the AO under section 143(3) causing prejudice to the interest of revenue. Thus, the revisional order passed by the learned PCIT is not sustainable and therefore we quash the same. Hence, the ground of appeal of the assessee is allowed.
|