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TMI Blog2014 (4) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Act, 1961 as the Assessing Officer’s order was completely nonspeaking and there was no evidence that enquiries have been made on certain issues which were prima facie abnormal in the assessee’s case - the action taken by the CIT u/s 263 of the Act upheld - the additional evidences filed by the assessee be admitted and the issue is remitted back to the AO for verification of facts – Decided in partly favour of Assessee. - ITA No. 2369/Del./2013 - - - Dated:- 28-3-2014 - Shri I. C. Sudhir And Shri B. C. Meena,JJ. For the Petitioner : Shri O. P. Sapra, Advocate For the Respondent : Shri Gunjan Prasad, CIT DR ORDER Per B. C. Meena, Accountant Member : This appeal filed by the assessee emanates from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e company the income/loss of the assessee is computed as under- Income from business- Net loss as per Profit and Loss account attached Rs.14,69,933.75 Less- Depreciation as per books Rs. 2,03,001.48 Rs.12,66,932.27 Add- Depreciation as per IT Rules Rs. 1,88,482.94 Net assessable loss to be carried forward Rs.14,55,415.21 Or says Rs.14,55,420.00 Assessment is completed on net loss at Rs.14,55,420/-. Issue notice of demand. Inform accordingly. 3. The CIT (A) initiated the proceedings u/s 263 after holding that on the examination o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order under appeal is based on incomplete and inadequate appreciation of facts of the case and the various case laws relied upon by the ld. CIT are not applicable to the appellant's case being distinguishable on facts. 3. That the ld. CIT had no jurisdiction to make addition of Rs.58,60,909/- during proceedings under section 263 of Income Tax Act, just on the basis of wild estimations and assumptions without making any enquiry in the facts of the case and also without providing reasonable opportunity of being heard to the appellant and at any rate the action of the ld. CIT is totally unjust and untenable in law. 4. That the finding made by the Ld. CIT that the advance of Rs.40,39,536/- is not shown in declared receipts and there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeds investigation at the level of Assessing Officer. We find it appropriate to restore the issue to the file of the Assessing Officer for estimating the gross profit. Considering all the relevant facts and evidence available on record and also considering the assessee s application for admitting the additional evidences, we order as under:- The CIT was justified in invoking the provisions of section 263 of the Income-tax Act, 1961 as the Assessing Officer s order was completely nonspeaking and there was no evidence that enquiries have been made on certain issues which were prima facie abnormal in the assessee s case. Therefore, we sustain the action taken by the CIT u/s 263 of the Act. We also hold that the additional evidences filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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