9911796707
TMI Blog2022 (3) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. This, in our view, is not the intent and purport of section 263 - It is a fact on record that on all the issues raised by the revisionary authority in the show-cause-notice issued under section 263 Assessing Officer has conducted inquiry in course of the assessment proceeding and has decided those issues applying his own wisdom. Only because such decision of the AO is not to the liking of learned PCIT, it cannot be said that the assessment order is erroneous and prejudicial to the interest of Revenue - in response to the show-cause-notice issued under section 263 of the Act, the assessee has furnished a detailed reply which has been extensively reproduced in the impugned order of learned PCIT. However, there is no speaking orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Departmental Representative and perused the materials on record. Briefly the facts are, the assessee is a resident individual. For the assessment year under dispute, the assessee filed her return of income on 29.09.2012 declaring total income at ₹ 21,85,050/-. The return of income filed by the assessee was selected for scrutiny and assessment in case of the assessee was completed under section 143(3) of the Act vide order dated 23.02.2015 determining the total income of ₹ 57,29,700/-. After completion of assessment, learned Commissioner (Appeals) called for and examined the assessment record in exercise of power conferred under section 263 of the Act. After verifying the record, he observed that the Assessing Officer has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer, in course of assessment proceeding has made a number of queries to the assessee on various issues. After conducting detailed inquiry and issuing questionnaire, the Assessing Officer has ultimately completed the assessment making the following additions/disallowances, aggregating to ₹ 35,44,650/- (i) Disallowance of ₹ 16.52,367/- out of purchases. (ii) Disallowance of ₹ 6,65,283/- out of expenses of Capital nature (iii) Disallowance of ₹ 5,14,916/- out of job work charges. (iv) Disallowance of ₹ 7,08,485/- out Dyeing, washing, Finishing and Embroidery charges. (v) Disallowance of ₹ 3,600/- of penalty expenses. 7. Thus, a scrutiny of the assessment order would clearly rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inquiry in course of the assessment proceeding and has decided those issues applying his own wisdom. Only because such decision of the Assessing Officer is not to the liking of learned PCIT, it cannot be said that the assessment order is erroneous and prejudicial to the interest of Revenue. It is further relevant to observe, in response to the show-cause-notice issued under section 263 of the Act, the assessee has furnished a detailed reply which has been extensively reproduced in the impugned order of learned PCIT. However, there is no speaking order of learned PCIT on various submissions made by the assessee, not only on the jurisdictional aspect but also on merits. Final conclusion of learned PCIT reads as under: 5. After carefully ..... X X X X Extracts X X X X X X X X Extracts X X X X
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