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Sec 263 Upheld; Lack of AO Enquiry on Stock Anomaly Made Reassessment Erroneous: ITAT Raipur
Case Law Details
- Case Name
- Jain Enterprises Vs PCIT (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Raipur
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Jain Enterprises Vs PCIT (ITAT Raipur)
ITAT Raipur Upholds Sec 263 Revision – Lack of AO Enquiry on Stock Anomaly Makes Reassessment Order Erroneous & Prejudicial
In Jain Enterprises vs Pr. CIT (AY 2018-19), the ITAT Raipur dismissed the assessee’s appeal and upheld revisionary action u/s 263. The PCIT had set aside reassessment completed u/s 147 r.w.s. 144B on the ground that the AO failed to examine an anomaly of 1940 MT in closing stock arising from transition from VAT to GST regime, where various coke items were regrouped under a single HSN code
The Tribunal observed that altho...
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