IT: Where assessing authority had already considered all details mentioned in computation statement which was taken from books of account maintained by assessee, revision was not justified
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[2014] 52 taxmann.com 92 (Karnataka)
HIGH COURT OF KARNATAKA
Commissioner of Income-tax, Bangalore
v.
Kurlon Ltd.*
N. KUMAR AND B. MANOHAR, JJ.
IT APPEAL NO. 404 OF 2008†
JULY 8, 2014
Section 263 of the Income-tax Act, 1961 - Revision - Of orders prejudicial to interest of revenue (General/Scope of) - Assessment year 2001-02 - In assessment order, after setting out facts and amounts under various heads Assessing Officer restricted benefit of provision of sections 80-IA(a) and 80HHC claimed by assessee - Subsequently, Commissioner initiated revision proceeding under section 263 on ground that certain expenses such as raw material, power and fuel, stores and spares etc., were prorated - Whether since assessing authority had already considered all details mentioned in computation statement which was taken from books of account maintained by assessee, Tribunal was justified in setting aside revision order passed by Commissioner - Held, yes [Para 6][In favour of assessee]
■■■
[2014] 52 taxmann.com 92 (Karnataka)
HIGH COURT OF KARNATAKA
Commissioner of Income-tax, Bangalore
v.
Kurlon Ltd.*
N. KUMAR AND B. MANOHAR, JJ.
IT APPEAL NO. 404 OF 2008†
JULY 8, 2014
Section 263 of the Income-tax Act, 1961 - Revision - Of orders prejudicial to interest of revenue (General/Scope of) - Assessment year 2001-02 - In assessment order, after setting out facts and amounts under various heads Assessing Officer restricted benefit of provision of sections 80-IA(a) and 80HHC claimed by assessee - Subsequently, Commissioner initiated revision proceeding under section 263 on ground that certain expenses such as raw material, power and fuel, stores and spares etc., were prorated - Whether since assessing authority had already considered all details mentioned in computation statement which was taken from books of account maintained by assessee, Tribunal was justified in setting aside revision order passed by Commissioner - Held, yes [Para 6][In favour of assessee]
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