9911796707
TMI Blog2021 (8) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... e before the ld. AO - it is evident from the Order of the Ld. PCIT that he has produced the same before him also. Similarly, as regards the Chit Bid amounts received by the assessee, the assessee has produced the bank statements and other relevant documents before the Ld. PCIT and also claimed to have produced before the Ld. AO. With respect to loan received from HDFC bank also the assessee had produced the bank statement before the Ld. PCIT and also claimed to have produced the same before the Ld. AO. In this situation, the ld. PCIT without examining the documents furnished by the assessee setting aside the order of the Ld. AO and directing the Ld. AO to re-do the assessment de novo is not appreciable. It is apparent from the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer before passing the Assessment Order duly made verification or enquiry by issue of notice and obtaining explanation from the appellant. Hence, the order passed by Ld. PCIT U/s. 263 is against the provision of Explanation 2 of section 263 of the Act. 4. On the facts and circumstances of the case, invoking section 263 is bad in law as the Assessing Officer has taken a plausible view while completing the assessment and hence the Assessment Order cannot be treated as erroneous which is prejudicial to the interest of revenue. 5. On the facts and circumstances of the case, the order passed by the PCIT is void as the Ld. PCIT has not conducted the enquiries and has not established that the assessment order passed is unsustai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fession as Chartered Accountant filed his return of income on 8/2/2017 for the AY 2016-17 declaring taxable income of ₹ 4,72,880/- under the head income from business, income from profession, income from house property and income from other source besides agricultural income of ₹ 28 lakhs. The case of the assessee was taken up for scrutiny under CASS and thereafter the assessment was completed U/s. 143(3) on 6/12/2018 wherein the Ld. AO accepted the income of the assessee as declared in his return of income. Thereafter, the case of the assessee was taken up by the jurisdictional Principal Commissioner of Income Tax and invoking his powers u/s. 263 of the Act set aside the order of the Ld. AO and directed the Ld. AO to re-do the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty during the relevant assessment year, cash book, bank book etc., and thereafter passed the assessment order. Further, from the order of the Ld. PCIT itself it is apparent that the ld. AO had also made enquiries by deputing his inspectors regarding the agricultural operations conducted by the assessee and the agricultural income earned by the assessee from the 130 Acres of agricultural land which was under the possession and control of the assessee and his family members. The assessee has also stated before the ld. PCIT that he had produced the Pattadar Pass Book and other relevant documentary evidence for earning agricultural income before the ld. AO. Further, it is evident from the Order of the Ld. PCIT that he has produced the same befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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