Order of ITO cannot be branded as erroneous by CIT simply because order was not elaborate

Smt. K. Krishnaveni Vs I.T.O. (ITAT Hyderabad) In the present case before us, the assessee has offered the capital gains tax in the next year and there has not been any prejudice to the revenue. Further, the assessee has explained to the query raised during the scrutiny proceedings before the Assessing Officer was answered to the satisfaction of the Assessing Officer. Hence, the Order is not erroneous. Further, as held by the jurisdictional High Court in the case of Spectra Shares & Scrips Pvt. Ltd. vs. CIT (AP) [2013] 354 ITR 59 it has been held as follows : “(f) Whether there was appli...