Case Law Details
Brief of the Case
ITAT Lucknow held in the case of M/s Juhi Alloys Pvt. Ltd. vs. CIT that since enquiry was made by the Assessing Officer on all the points on which objection had been raised by CIT in the notice issued by him u/s 263, this is not a case of lack of enquiry by the Assessing Officer or lack of application of mind by the Assessing Officer because on all the issues, query was raised by the Assessing Officer and replies were submitted by the assessee .Only because the Assessing Officer has reached to a different conclusion and learned CIT has different conclusion, it cannot be said that the assessment order is erroneous and prejudicial to the interest of Revenue and therefore, the invocation of revisionary power u/s 263 by CIT in the present case is not valid and justified.
Facts of the Case
The question raised in this appeal relates to revision power of CIT. In this case, the AO has considered the matter and raised the queries which were also replied by the assessee, CIT wanted to revise the assessment just because he has a different conclusion.
Held by ITAT
Please become a Premium member. If you are already a Premium member, login here to access the full content.