Shrenik Bothra vs Pr. CIT(Central)

Parties Involved

Facts Summary

The assessee, Shrenik Bothra, is engaged in the business of trading gold ornaments, silver ornaments, articles, and gold bullion on wholesale and retail basis. He maintains regular books of accounts and has filed his return of income for Assessment Year 2019-20. A survey under section 133A of the Income Tax Act was carried out on his business premises. The Assessing Officer issued a notice under section 143(2) and subsequently a detailed questionnaire under section 142(1). The assessee submitted his replies and supporting documents. The Assessing Officer accepted the income declared by the assessee and passed an assessment order under section 143(3). The Principal Commissioner of Income Tax (Central) initiated revisionary proceedings under section 263 of the Act, finding the assessment order erroneous and prejudicial to the interest of revenue. The assessee appealed against this order.…

Legal Issues

• 1. Whether the revision order passed by the Principal Commissioner of Income Tax (Central) was justified.
• 2. Whether the Assessing Officer conducted necessary inquiries and verifications on the valuation of leased out stock.

Judgment Outcome

Decided in favour of Assessee.

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