Case Law Details
Ajay Engineering and Agricultural Equipment Company Vs PCIT (ITAT Pune)
ITAT Pune held that AO did not specifically discuss the five issues in the assessment order, however, assessment order does not satisfy the second condition of being prejudicial to the interest of the Revenue. Simply non-discussion of an issue in assessment order does not render an assessment order erroneous and prejudicial to the interest of the revenue.
Facts-
Invoking the powers u/s.263, the ld. Pr. CIT held the assessment order to be erroneous and prejudicial to the interest of the Revenue alleging disallowance of professional fees and transport expenses for non-deduction of TDS; mismatch of sales turnover; improper verification of sundry creditors and interest on refund u/s 244A.
Post considering the submission, ld. Pr. CIT set-aside the assessment order and directed the AO to re-frame the assessment as per law. Aggrieved thereby, the assessee has come up in appeal before the Tribunal.
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