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TMI Blog2016 (12) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... to be assessed in the hands of the private company. Taking note of the said observations of the learned Tribunal and the findings of facts which have not been assailed by the learned counsel for the appellant and as the subject amount admittedly has been assessed in the name of the said Private Limited Company, the question of interfering in the impugned order passed by the learned Tribunal would not at all be justified. The substantial question of law proposed by the appellant as such would not arise in the present appeal taking note of the findings of the learned Tribunal - Tax Appeal No.48/2016 - - - Dated:- 28-9-2016 - F.M.REIS NUTAN D.SARDESSAI, JJ For The Appellant : Ms. Asha Desai, Advocate For The Respondent : Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere are substantial questions of law for consideration in the appeal. 3. On the other hand, Shri Rivankar, learned counsel appearing for the respondent, has pointed out that it is well settled that a mere erroneous approach by the Assessing Officer would not, by itself, be a ground for exercising revisional jurisdiction by the Commissioner. The learned counsel further points out that there is a categorical finding in the order passed by the learned Tribunal to the effect that the subject amount of Rupees Six crores has been assessed in the hands of Britto Amusement Private Limited which is a Company which has been floated by the respondent. It is further pointed out that the amount has been transferred by a banking transaction and as suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the civil suit between the Assessee and Suryanarayan. Even the date of hearing in the case of the Assessee and BAPL, the company in which the Assessee is a Director is also the same. The assessment order in the case of all the three Assessees were passed on the same date by the same AO. This is also a fact that in case of centralized proceedings especially in search cases, common query letter is issued by the AO. The Assessee also submits common reply. We noted that in the case of Britto Amusement Pvt. Ltd. the AO under para 9 to 9.6 had a detailed discussion in respect of the said sum of ₹ 6 crores which has been credited into the account of the Assessee and ultimately added the said sum on substantive basis in the hands of M/s. Bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hought attempt to circumvent the provisions of law and a self serving statement to evade payment of taxes. There is no evidence as to the point of time when the gambling debts were created. The gambling debts have not been recorded in the books of account nor have the repayments been recorded. Hence the undisclosed income of ₹ 6 crores is brought to tax for AY 2008-09 in the hands of M/s Britto Amusements Pvt Ltd as claimed by Dr. William Britto in his affidavit. Thus, we are of the view that the AO has duly inquired about the sum of ₹ 6 crores came into the bank account of the Assessee and after applying his mind took a conscious decision that the said sum credited into the bank account of the Assessee represents the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g officer, it is only when an order is erroneous that the section will be attracted. An incorrect assumption of facts or an incorrect application of law will satisfy the requirement of the order being erroneous. In the same category fall orders passed without applying the principles of natural justice or without application of mind. The phrase `prejudicial to the interest of the revenue' has to be read in conjunction with an erroneous order passed by the assessing officer. Every loss of revenue as a consequence of the order of the assessing officer cannot be treated as prejudicial to the interest of the revenue. For example, if the assessing officer has adopted one of the courses permissible in law and it has resulted in loss of revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The order passed by the CIT cannot be sustained if the order is sustained then this will permit the illegality to continue and the subsequent action carried out on the illegal order are also illegal. 7. Taking note of the said observations of the learned Tribunal and the findings of facts which have not been assailed by the learned counsel for the appellant and as the subject amount admittedly has been assessed in the name of the said Private Limited Company, the question of interfering in the impugned order passed by the learned Tribunal would not at all be justified. The substantial question of law proposed by the appellant as such would not arise in the present appeal taking note of the findings of the learned Tribunal. The finding of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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