Assessee had transferred part of converted capital asset into stock-in-trade during relevant financial period and Assessing Officer failed to tax same in hands of assessee and no enquiry had been conducted by Assessing Officer during assessment proceedings. Commissioner revised the order. Tribunal held that it was a clear case of no enquiry and therefore, Commissioner validly assumed jurisdiction to review. Order of Commissioner is affirmed. (AY. 2015-16)
Kyori Infrastructure (P.) Ltd. v. DCIT (2022) 194 ITD 651 (Hyd.) (Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transferred part of converted capital asset into stock-in-trade-failure to make enquiry-Revision is valid. [S. 45, 48]