2016 (12) TMI 1596 - SCH - Income Tax

Revision u/s 263 - genuineness of the gift proved - Held that - No reason to entertain this special leave petition, which is, accordingly, dismissed. HC Order confirmed 2016 (6) TMI 1004 - BOMBAY HIGH COURT HC held that AO was satisfied, consequent to making an enquiry and examining the evidence produced by the Assessing Officer, establishing the identity and creditworthiness of the donor as also the genuineness of the gift. The CIT in his order of Revision, does not indicate any doubts in respect of the genuineness of the evidence produced by the Assessee. There can be no doubt that where the view taken by the Assessing Officer is a possible view, interference under Section 263 of the Act, is not permissible. - Decided in favour of assessee 1

Summary

The Supreme Court dismissed the special leave petition as they found no reason to entertain it. Delay was condoned, and pending applications were disposed of.