9911796707
TMI Blog2022 (4) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... he considered view that assessment order passed by the AO u/s.143(3) r.w.s. 153B of the Act, is erroneous insofar as, it is prejudicial to the interests of revenue. As regards claim of the assessee that CIT ought not to have revised assessment order on the basis of statement of facts filed before the Income-tax Settlement Commission and confession statement of Mr. P. Udhayashankar, we find that purported lender categorically denied of having any loan transactions with the assessee. Moreover, facts brought out by the CIT clearly shows that Mr. P. Udhayashankar has not admitted loan transactions of the assessee in the application filed before the Income-tax Settlement Commission. Even before the High Court in the Writ Petition, the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee could not file appeal within the time allowed under the Act, due to the fact that the assessee was suffering from viral hepatitis and was undergoing medical treatment and he had been advised complete bed rest which caused delay of 47 days. The delay in filing appeal is neither intentional nor willful but for the unavoidable reasons, therefore, he prayed that delay may be condoned in the interest of advancement of substantial justice. 3. The learned DR, on the other hand, strongly opposing condonation of delay petition filed by the assessee submitted that the reasons given by the assessee do not come within the ambit of reasonable and bonafide reasons, which can be considered for condonation of delay and hence, appeal filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erests of the revenue. 6. Brief facts of the case are that the assessee is in the business of money lending, construction of apartments and chit fund business. A search seizure operation u/s.132 of the Income Tax Act, 1961, was conducted in the case of the assessee on 28.01.2015 and consequent to search, assessment has been completed u/s.143(3) r.w.s. 153B(1)(b) of the Income Tax Act, 1961 on 29.12.2016 and determined total income at ₹ 4,03,75,278/-. The case has been subsequently taken up for revision and consequently, notice u/s.263 of the Act dated 14.08.2018 was issued to the assessee requiring him to explain as to why assessment order passed by the Assessing Officer u/s.143(3) r.w.s. 153B of the Act, dated 29.12.2016 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect and further requested for copies of facts submitted to Income-tax Settlement Commission in the case of Mr. P.Udhayashankar. 7. The learned CIT after considering relevant submissions of the assessee and has also taken note of various facts, opined that the assessment order passed by the Assessing Officer u/s.143(3) r.w.s 153B order is erroneous, insofar as it is prejudicial to the interests of revenue, because the Assessing Officer has failed to consider the above issue while completing assessment, even though balance sheet for the year ended 31.03.2015 prepared on the basis of seized documents indicated loan transaction of ₹ 5.66 crores from Mr. P.Udhayashankar. Since, the Assessing Officer has failed to examine the issue in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave heard both the parties, perused material available on record and gone through orders of the authorities below. The learned CIT revised the assessment order passed by the Assessing Officer u/s.143(3) r.w.s. 153B on the ground that assessment order passed by the Assessing Officer is erroneous insofar as, it is prejudicial to the interests of revenue on the issue of loan liability shown by the assessee in the name of Mr. P.Udhayashankar for the year ending 31.03.2015. We find that during the course of assessment, neither the assessee furnished necessary explanation with regard to loan liability in the name of Mr. P.Udhayashankar, nor the Assessing Officer has examined the issue in light of relevant provisions of the Act. Therefore, we are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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