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TMI Blog2019 (11) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... r back to AO on the ground that necessary enquiries were not conducted and he failed to apply his mind in all perspective on the issues mentioned in Paras 3(I), 3(II), 3(III) and 3(IV) of the show-cause notice dated 17.03.2008, as such the assessment order was set aside restoring file to AO for further verification. Tribunal while dealing with first substantial question of law as regards deposits introduced by members of AOP has recorded a categorical finding and held that CIT has not considered the assessment order as erroneous and prejudicial to the interest of revenue on the basis of these deposits at the time of examination of records and application of his mind thereto, it cannot be relevant to hold now that assessment order is erro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Whether on the facts and circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was justified in law in allowing the appeal of the assessee based upon their conclusion that the order of the A.O. was neither erroneous nor prejudicial to the interest of the revenue on the issue relating to deposits introduced by the members of the AOP? 3. Whether on the facts in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was justified in law in holding that assumption of jurisdiction by the CIT, relating to allowance of expenses by the AO without proper verification, was uncalled for and unjustified? 3. Brief facts giving rise to the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rwal, learned counsel appearing for the revenue submitted that Tax Audit Report filed by assessee along with return under Section 44AB of the Act, the statutory auditors have recorded after examining books of accounts that correctness of third party transactions recorded in books of accounts was subject to verification, as the AO had not verified the accounts, as such the order passed by CIT under Section 263 for fresh assessment was in the interest of revenue and the order of assessment being erroneous and prejudicial to the interest of revenue was rightly remanded by the CIT. 6. It was also contended that ITAT had erred in law and facts by allowing appeal of assessee based on their conclusion that order of AO wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectricity and water expenses, miscellaneous expenses, staff welfare expenses, telephone expenses, travelling expenses and wage and freight expenses. The CIT while exercising power under Section 263 of the Act had remanded the matter back to AO on the ground that necessary enquiries were not conducted and he failed to apply his mind in all perspective on the issues mentioned in Paras 3(I), 3(II), 3(III) and 3(IV) of the show-cause notice dated 17.03.2008, as such the assessment order was set aside restoring file to AO for further verification. 10. The Tribunal while dealing with first substantial question of law as regards deposits introduced by members of AOP has recorded a categorical finding and held that CIT ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh normal banking channel, there was all the more need on the part of AO to have enquired into the genuineness of the same. 12. We find that the Tribunal on this issue has relied upon the assessment order dated 12.04.2006 and set aside the order passed by CIT under Section 263 of the Act on the ground that CIT has not refuted the observation of the assessment order which otherwise confirmed without doubt that AO scrutinised the books of accounts, vouchers as well as other details before him, and set aside the remand order. 13. We have carefully considered the rival submissions made by counsel for the parties and perused the material on record. 14. The second su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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