9911796707
TMI Blog2021 (9) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... months was 12.23 lakh, 12.02 lakh and 10.29 lakh as on 31.12.2014, 30.11.2014 and 30.10.2014 respectively. All these facts are not disputed by the Ld. CIT-DR. We find that the Assessing Officer made sufficient enquiries during the assessment and took reasonable and plausible view - if the view taken by Assessing Officer is not acceptable Ld. PCIT, which is otherwise reasonable and plausible order under section 263 cannot be treated as erroneous. For invoking power under section 263 of the Act the twin condition i.e., order is erroneous and in so far as prejudicial to the interest of Revenue must be fulfilled simultaneously at the cost of repetition. We may further add that it is not a case of lack of enquiry, the Ld. PCIT while passing the order under section 263 held that Assessing Officer has not made adequate enquiry. Therefore the order passed by Ld. PCIT u/s 263 is not sustainable and the same is quashed. Assessee s appeal is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... in asked to furnish necessary documents by 13.11.2018. In response to notice dated 13.11.2018, the assessee furnished return of income declaring income of ₹ 3,19,570/- . The assessee offered income under section 44AE and 44AD of the Act. The Assessing Officer after serving notice under section 143(2) proceeded for assessment. The assessee was confronted with the deposit in the bank account. In response to said show-cause notice the assessee field his written reply and stated that he is engaged in supply of brick, sand (sand stone chips) and other building material. The assessee also owned two mini trucks. The main source of assessee's income for transportation and retail sell of building material. The assessee is not required to maintain books of account. The Assessing Officer after taking into consideration reply and other material accepted the return of income of ₹ 3,19,570/- in the assessment order dated 05.02.2018 passed under section 143(3) r.w.s. 147 of the Act. 3. Subsequently, the assessment order was revised by ld. PCIT invoking the power under section 263 of the Act vide order darted 09.03.2021. Before revising the assessment order, ld. PCIT noted that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 17,44,560/- from business of building materials. The turnover of assessee was of ₹ 17,44,560/- for the relevant financial year. The assessee made cash deposit in his bank account of ₹ 14.48 lakh which is well within the turnover of business declared by assessee. The assessee has shown sundry debit as on 31.03.2015 of ₹ 2.68 lakh and sundry credit as on 31.03.2015 of ₹ 5.47 lakh. The assessee was having stock-in-trade as on 31.03.2015 of ₹ 2.60 lakh and having cash balance of ₹ 1.35 lakh. The assessee made deposit of ₹ 12 lakh on 08.01.2015 in IDBI bank from cash balance of ₹ 12,41,999/- as on 05.01.2015. The cash balance and the preceding month of 31.03.2014, 31.11.2014 and 31.10.20.14 was at ₹ 12.23 lakhs, ₹ 12.02 lakhs and ₹ 10.29 (lakhs) respectively. The ld AR for the assessee submits that copy of cash book for the relevant period, copy of deposit in the bank account was out of the running balance cash-in-hand was furnished during assessment. The Assessing Officer made detailed discussion after seeking relevant information about the bank deposits. The Assessing Officer verified and examined all cash deposits. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at length. 7. We have considered the rival submission of both the parties and gone through the orders of authorities below. We find that the case of assessee was re-opened on the basis of information received by the Assessing Officer that the assessee has made cash deposits in his bank account. The Assessing Officer issued show-cause notice under section 148 of the Act on 20.02.2018. In response to notice under section 148 of the Act, the assessee filed his return of income on 03.12.2018 declaring income of ₹ 3.19 lakh. The Assessing Officer on page-2 of the assessment order recorded that assessee was asked to furnish return of income, computation of income, details of bank statement and the reply of questionnaire. The Assessing Officer further recorded that assessee furnished detail thereof, which has been kept on record after discussing with the assessee. The Assessing Officer accepted that assessee is engaged of business of supplying building material and in transportation business. After considering the submissions of assessee, the income declared by assessee was accepted. 8. The Ld. PCIT revised the assessment order by taking view that no proper enquiry was made by Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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