Case Law Details
Pyramid Infrastructure Pvt. Ltd. Vs DCIT (ITAT Hyderabad) – The issues taken up by the CIT for revision of assessment under section 263 of the Act, namely, work-in-progress & closing stock, opening stock, and dis-allowance of expenditure on account of various heads, have already been considered by the assessing officer in the assessment proceedings under section 143(3) of the Act.
Therefore, in our considered opinion, the CIT is not justified in making these issues as a subject matter of revision. CIT was only substituting his views as to how the assessment should have been done in place of the assessment has already made by the assessing officer. There is no error point out in the revision order, which is prejudicial to the interests of the revenue. The reasoning of the CIT is on incorrect appreciation of the accounts and statement, therefore, the order of the CIT is not correct either on the matter of jurisdiction or on merits.
IN THE INCOME TAX APPELLATE TRIBUNAL
HYDERABAD BENCH “A”, HYDERABAD
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