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TMI Blog2013 (11) TMI 1451X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 115JB at Rs. 2,405/-. Regular assessment under Section 143(3) was completed on 26.12.2008 at the total income of Rs. 57,500/-. Learned CIT treated the assessment order to be erroneous as well as prejudicial to the interest of the Revenue, therefore, on 23.03.2011, she passed the order under Section 263 directing the enhancement of the income by Rs. 31,70,730/-. Further, vide order dated 26th April, 2012, the CIT also levied penalty under Section 271(1)(c) amounting to Rs. 11,71,646/-. The assessee, aggrieved with the orders of the CIT, is in appeal before us. 3. At the time of hearing before us, the learned counsel for the assessee argued at length. He referred to the notice under Section 263 copy of which is placed at page 43 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 143(3) after proper verification and being fully satisfied about the trading result of the assessee. In the first paragraph of the assessment order, it is duly recorded that the books of account were produced which were test checked. He, therefore, submitted that the order of the CIT passed under Section 263 enhancing the income of the assessee should be quashed and consequently, the penalty levied under Section 271(1)(c) by her should also be quashed. Alternatively, he submitted that the CIT passed the order in a hurried manner. That the notice under Section 263 was issued for the first time on 9th March, 2011 for which the reply was duly furnished by the assessee on 22nd March, 2011. The CIT passed the order on 23rd March, 2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ail the facts and the books of account, then, the Bench, as it deems fit, can send the matter to the file of the CIT or even to the Assessing Officer for further examination. 5. We have carefully considered the arguments of both the sides and perused the material placed before us. After considering the arguments of both the sides, we are of the opinion that the Assessing Officer did not make proper enquiry which was expected from him considering the facts of the case. He has simply examined the cash deposit in the books of account without examining any aspect of manufacturing and trading account. Therefore, we hold the order of the Assessing Officer to be erroneous. However, at the same time, we do not find any sound basis for the working ..... X X X X Extracts X X X X X X X X Extracts X X X X
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