Allahabad High Court
The Commissioner Of Income Tax And ... vs Jai Prakash & Sons on 22 July, 2010
Bench: Rajes Kumar, Bharati Sapru
Court No. - 37 Case :- INCOME TAX APPEAL DEFECTIVE No. - 151 of 2008 Petitioner :- The Commissioner Of Income Tax And Another Respondent :- Jai Prakash & Sons Petitioner Counsel :- S.C.(A.N.Mahajan) Hon'ble Rajes Kumar,J.
Hon'ble Bharati Sapru,J.
The Tribunal by the impugned order has set aside the order passed by the Commissioner of Income Tax on the ground that the assessment order was not pre-judicial to the interest of Revenue. Tribunal held that the partnership firm, M/s Genda Mal & Sons has not been assessed to tax for the capital gain and the share income of the partners of the partnership firm towards capital gain was less than the amount which has been assessed by the assessing authority under Section 55 (2)(b) (ii) of the Income Tax Act (hereinafter referred to as the "Act") and, therefore, the assessment order was not pre- judicial to the interest of Revenue. For invoking the provisions of Section 263 of the Act two conditions namely that the order is erroneous and pre-judicial to the interest of Revenue, should co-exist. If one of the condition does not exist the provisions of Section 263 of the Act can not be invoked. On the facts and circumstances, the Tribunal has recorded a categorical finding based on material on record that the assessment order was not pre-judicial to the interest of Revenue.
Learned Standing Counsel is not able to dispute the findings recorded by the Tribunal. In view of the above, we are of the opinion that the findings of the Tribunal are finding of fact based on the material on record and no substantial question arise from the order of the Tribunal.
In the result, the appeal fails and is accordingly, dismissed.
Order Date :- 22.7.2010 R./