9911796707
TMI Blog2022 (4) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 for assessment year 2015-16. Before us the assessee has assailed the impugned order on the following grounds of appeal: "1. In the facts and circumstances of the case and in law, the ld. Principal Commissioner of Income-tax has erred in initiating proceedings u/s. 263 of the Income-tax Act, 1961 on the basis of audit objection and accordingly initiation of proceedings is ab initio illegal and without jurisdiction. 2. Without prejudice to the above, the ld. Principal Commissioner of Income-tax has erred in setting aside proceedings without considering appellant's reply dated 26/02/2021 filed online. 3. In the facts and circumstances of the case and in law, the ld. Principal Commissioner of Income-tax has erred in setting aside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t by triggering the mechanism contemplated under the said statutory provision for determining the income of an assessee engaged in the business of plying goods carriages on a presumptive basis. 4. Apropos the issues on the basis of which the case of the assessee was reopened u/s. 147 of the Act, it was claimed by the assessee that during the year under consideration he had hired trucks for carrying/transporting goods under two contractor concerns, viz. (i) M/s. Shafi Ahmed; and (ii) M/s. Singh Transporters. On being queried as regards the contract receipts/turnover from the aforementioned concern, viz. (i) M/s. Shafi Ahmed; Rs. 2,71,25,900/- and (ii) M/s. Singh Transporters; Rs. 2,77,768/-, as was shown in his Form 26AS, it was claimed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 147 r.w.s. 143(3), dated 05.12.2018 as erroneous in so far it was prejudicial to the interest of the revenue u/s. 263 of the Act, therein, set-aside the same with a direction to him to pass a fresh assessment order after conducting necessary enquiries and affording a reasonable opportunity of being heard to the assessee. 6. Aggrieved, the assessee has assailed the order passed by the Pr. CIT u/s. 263 of the Act, dated 09.03.2021 before us. 7. We have heard the Ld. Authorized Representatives of both the parties, perused the orders of the lower authorities and the material available on record, as well as considered the judicial pronouncements that have been pressed into service by them to drive home their contentions. Admittedly, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Observing, that the assessee had disclosed a total turnover/contract receipts at Rs. 1,42,39,963/- in his return of income and, on the basis of the same computed his deemed income u/s. 44AE at Rs. 5,68,400/-, the Assessing Officer refrained from drawing any adverse inferences qua the issues on the basis of which the case of the assessee was reopened and accepted his returned income. 8. In our considered view, the aforesaid facts reveals beyond doubt that the Assessing Officer had in the course of the assessment proceedings applied his mind as regards the reasons on the basis of which the case of the assessee was reopened by him and, had only after finding the claim/explanation of the assessee in order and to his satisfaction accepted the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Pr. CIT that de hors necessary verifications on the part of the Assessing Officer as regards the reasons on the basis of which the case of the assessee was reopened u/s. 147 of the Act, his order passed u/s. 147 r.w.s. 143(3) of the Act was rendered as erroneous in so far it was prejudicial to the interest of the revenue within the meaning of " Explanation-2" to Section 263 of the Act. We, thus, in terms of our aforesaid observations set-aside the order passed by the Pr. CIT u/s. 263 of the Act, dated 09.03.2021 and restore the order of the Assessing Officer passed u/s. 147 r.w.s. 143(3) of the Act, dated 05.12.2018. 10. In the result, appeal of the assessee is allowed in terms of our aforesaid observations. Order pronounced in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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