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TMI Blog2013 (10) TMI 1233X X X X Extracts X X X X X X X X Extracts X X X X ..... see. 2. Writ Petition was filed questioning the revisional jurisdiction exercised by the Commissioner of Income Tax under Section 263 of the Income Tax Act (for short, 'the Act'). It is not in dispute that regular assessment was completed under Section 143(3) of the Act on 31.12.2007. Several issues came up for consideration before the Commissioner of Income Tax (Appeals) and even the appellate a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ential purpose, the sale value of office building was wrongly adjusted resulting in allowance of excess depreciation. (ii) Depreciation at appropriate rate is being claimed and allowed in respect of vehicles purchased under Dealer Vehicle Scheme on the full value without considering the deposit amount. (iii) Depreciation on computer accessories has been allowed @ 60% as against 25% allowable. Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O whether the entire miscellaneous receipts of 31,14,449/- accounted represents receipts as per TDS certificates. (viii) The AO has omitted to disallow proportionate expenditure on exempted income (dividend) under section 14A of the Act. Similarly, income from sale of investment is computed under capital gains and, therefore, expenses attributable to acquisition of the investments cannot be deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nine points raised under Section 263 of the Act, therefore, there was nothing which could be termed as erroneous consideration on the part of the Assessing Officer, as the Assessing Officer is not required to make roving enquiry into each and every issue concerned, item-wise while accepting the returns of the assessee. On perusal of records, we notice that the order of the Commissioner passed und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y would have implication on the tax computation which ultimately causes prejudice to the revenue, Tribunal confirmed the orders of the Commissioner under Section 263 of the Act. 5. Having regard to reasoning of the Tribunal, we affirm the opinion of Tribunal that the fresh consideration of the matter by the assessing authority in the light of observations of revisional authority has to be made af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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