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TMI Blog2014 (2) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... - the assessee has a full proof case on the issue and the other aspects of the revision order of CIT that the revenue wants to verify these transactions, once the information is called by AO u/s 133(6) of the Act there is no further purpose for verification - the AO has verified the transactions and came to right conclusion. Revision order regarding commission paid – Held that:- The position that the nomenclature used by the assessee in his statement filed before AO as commission whereas this is only discount on the purchases by various parties - the details were filed before the AO during the course of assessment proceedings originally and even before CIT during the course of revision proceedings - As the assessee has filed complete det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT-XX, Kolkata u/s. 263 of the Act. For this, assessee has raised following 3 grounds: "1.For that the order passed by the Ld. CIT-XX, Kolkata u/s. 263 is arbitrary, irregular and bad in law and without jurisdiction. 2. For that the Ld. CIT-XX, Kolkata, in consideration of the facts and circumstances of the case, erred in invoking the provision envisaged u/s. 263 in the absence of any evidence that the order of assessment as erroneous and prejudicial to the interest of the revenue. 3. For that the Ld. CIT-XX, Kolkata in consideration of the facts and circumstances of the case, is not justified in setting aside the order of assessment in the absence of conditions precedent envisaged u/s. 263 of the Income Tax Act, 1961." 3. Briefly s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. Pal Electronics 36010/- M/s. Dolui Electronics 31/03/2008 40910/- M/s. Maya Electronics 22010/- M/s. Shibdurga Electronics 35320/- These too prima facie attract the provisions of section 40(a)(ia) of the Act, but this aspect was overlooked by the assessing officer at the time of regular assessment. As a result, no addition was made." In view of the above show cause notice, the CIT passed revision order on both the issues. Aggrieved against the revision order passed by CIT-XX, Kolkata u/s. 263 of the Act, the assessee preferred this appeal before us. 4. We have heard rival submissions and gone through facts and circumstances of the case. As regards to the fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d ledger copy of assessee's account whereby complete purchase, cheque return, goods return are clearly mentioned. Once factually this is the position, there is no issue of revision of the assessment framed by the AO u/s. 143(3) of the Act. On merit also the assessee has a full proof case on this issue and the other aspects of the revision order of CIT that the revenue wants to verify these transactions, it is to be stated that once the information is called by AO u/s. 133(6) of the Act there is no further purpose for verification. Here it is clear that the AO has verified these transactions and came to right conclusion. 5. The another issue raised by the CIT in his revision order regarding commission paid, Ld. counsel for the assessee cat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irement cannot be said to be erroneous and prejudicial to the interest of revenue. It is for the CIT to point out as to what error was committed by the AO in having reached the conclusion accepting the reconciliation statement filed by the assessee qua the bank account of the assessee and purchases made. Secondly, the commission disclosed by the assessee in a statement filed before AO and explained the same as discount has also been accepted. The CIT having failed to point out any error, no error can be inferred from the order of the AO for the simple reason that they are bereft of details. In view of the above, we are of the considered opinion that the revision order passed by CIT u/s. 263 of the Act is without any basis and deserves to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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