2019 (10) TMI 518 - AT - Income Tax

Revision of assessment order - section 263 of the Income Tax Act, 1961 - Rejection of claim of depreciation - contention of the assessee is that the A.O. has adopted one of the plausible view - HELD THAT - The assessee has not filed any evidence supporting this claim before us. In the absence of the requisite evidence in support of the claim that the solar generators were purchased, installed, put to use for business and the part payment of the same was also paid during the financial year 2012-13. There are no reason to interfere with the finding of the Ld. Pr. CIT - ground raised in the appeal is dismissed - appeal dismissed.

Summary

Issues:
1. Revision of assessment order under section 263 of the Income Tax Act, 1961.

Analysis:
The appeal was against the revision of the assessment order by invoking section 263 of the Income Tax Act, 1961. The assessee, engaged in the business of jewellery and precious stones, had installed a solar power generation system, leading to a revision notice issued by the Principal Commissioner of Income Tax (Pr. CIT). The Pr. CIT observed discrepancies related to the purchase and installation dates of the solar plant, prompting the revision of the assessment order.

During the proceedings, the assessee failed to provide sufficient evidence supporting their claim that the solar generators were purchased, installed, and put to use for business within the specified financial year. Despite the contention that the solar generators were acquired and operational in the relevant period, the absence of concrete evidence led to the dismissal of the grounds raised in the appeal.

The Tribunal considered the submissions from both sides and upheld the decision of the Pr. CIT to revise the assessment order. The appeal was subsequently dismissed for the assessment year 2013-14. The judgment was delivered on 11th October 2019 in the absence of the assessee, who had failed to appear despite being aware of the hearing date.