9911796707
TMI Blog2012 (11) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... ordance with law. 2. That the Ld. CIT erred in canceling the assessment, for the year under consideration, completed u/s 143(3) by the AO vide order dated 26.05.2009 & directed the AO to complete the assessment denovo. 3. That all bank accounts were produced and all major debit and credit entries were explained during the assessment proceedings in response to questionnaire dated 13.4.2009. 4. That on merits the directions issued by the Ld. CIT are vague and contrary to law." 3. The brief facts in the present case are that the assessment in this case was completed u/s 143(3) vide order dated 26.05.2009 whereby loss as retuned was accepted. The assessee had declared short term capital loss of Rs. 1,83,68,197/- on the sale of equity sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts deposited by Sh. Hemant Aggarwal. The Ld. CIT called for the report of the AO, who submitted that the sources of the said entries were not enquired. The assessee submitted with regard to the report of the AO that all the amounts have been deposited by way of bank transfer and the bank accounts were examined by the AO during the course of assessment proceedings and the assessee has packed up and shifted back to Nepal and is living hand to mouth. The Ld. CIT was not satisfied with the explanation of the assessee and accordingly held that assessment framed by the AO is prejudicial and erroneous to the interest of the revenue and accordingly cancelled the assessment and directed the AO to complete the assessment denovo after affording fresh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order should have been written differently or more elaborately. Even no special mention about the requirement by the Ld. CIT had been made by the ITO. The order of the AO cannot be said to be erroneous and prejudicial to the interest of the revenue. On this proposition, the ld. counsel for the assessee Mr. Satish Bansal, relied upon the decision of the Hon'ble Delhi High Court in the case of CIT vs. M/s. Vikas Polymers in ITR 3/1991 dated 16th August, 2010, a copy of the same is placed on record. The Ld. counsel for the assessee further argued that it is not the case of that the AO had not made any enquiry or there is total absence of the enquiry or verification, as discussed hereinabove. The AO had made detailed enquiry of the bank book a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... examined the source of deposits, the Ld. CIT cannot be given power to give his opinion and to direct the AO to write or the order as per the desires of the Ld. CIT. Even if inadequate examination or enquiry had been conducted by the AO, the Ld. CIT cannot direct the AO to re-write the order or to make the enquiry again in view of the decision of the Hon'ble Delhi high Court in the case of CIT vs. M/s. Sundeam Auto Ltd. reported in 332 ITR 167 (supra) and other decisions relied upon by the ld. counsel for the assessee, placed on record, as under: S.No. Particulars Appeal No. Dated 1. CIT vs. International Travel House 94/2010 13.09.2010 2. ITO vs. DG Housing Projects Ltd. 179/2011 01.03.2012 3. CIT vs. Vikas Polymers ITR 3/199 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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