PCIT, Bareilly, UP Vs Dharam Singh (Allahabad High Court)
Allahabad High Court held that appeal u/s. 260A of the Income Tax Act is not sustainable since there is no perversity in finding of the Tribunal and accordingly there exists no substantial question of law. Accordingly, appeal dismissed.
Facts- The assessment order was completed by the Assessing Officer u/s. 143(3) of the Act. Subsequently, the Principal Commissioner of Income Tax exercised his jurisdiction u/s. 263 of the Act and revised the order passed by AO on the ground that the assessment carried out was prejudicial to the interest of revenue and thereby set aside the assessment order and directed for de novo The said order passed by the Principal Commissioner of Income Tax was challenged before the Tribunal, which upon examination in great detail of the inquiries carried out by AO especially in respect of the cash deposit of Rs.91 lakhs, has came to the conclusion that proper inquiry was carried out by AO and only thereafter assessment order was passed.
This is an appeal u/s. 260A of the Income Tax Act, 1961 wherein the revenue is challenging an order dated June 18, 2024 passed by the Income Tax Appellate Tribunal.
