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TMI Blog2022 (4) TMI 1267X X X X Extracts X X X X X X X X Extracts X X X X ..... uality. When we brought this fact to the attention of the parties, the Ld. counsel for the assessee submitted that facts of the Supreme Court decision in Bangalore Club supra is distinguishable on facts and assessee's case is covered by the decision of M/s. Sakar Corporation (supra). In our considered view, the Ld. A.O. has while passing the original assessment order has not considered certain important factual aspects. We accordingly restore the matter to the file of A.O. to analyze the applicability of the decisions cited above in the assessee's set of facts and pass a de-novo assessment after providing reasonable opportunity to the assessee. - ITA No. 971 /Ahd/2017 - - - Dated:- 8-4-2022 - Waseem Ahmed, Member (A) And Sidd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income Tax erred in law and on facts in not following decision of the Hon'ble ITAT Bench 'A' Ahmedabad in the case of M/S. Sakar Corporation ITA No. 1831/Ahd/2013 for A.Y. 1997-98 which is a binding decision of Jurisdictional Tribunal. 04. The appellant reserve right is to add, to amend, to revise or to withdraw any ground of this appeal. 3. The brief facts of the case are that the assessee is a co-operative housing society and its main source of income is from member's contribution and interest income. During the year, the assessee made investment in fixed deposits in nationalized bank (SBI and Union Bank of India) and co-operative bank and interest received thereon was claimed as exempt on principl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. 5. The Ld. Pr. CIT however rejected the arguments of the assessee and held that the order passed by the Ld. A.R. is erroneous and prejudicial to the interest of Revenue and gave a direction u/s. 263 of the Act to A.O. to frame the assessment afresh after allowing reasonable opportunity to the assessee. The Ld. Pr. CIT observed as under while passing the 263 order. 4.0 I have carefully gone through the assessee's contentions, and the decisions relied upon. In the Income Expenditure account, the assessee has shown receipts of ₹ 35,46,327/- (including interest) and has claimed excess of income over expenditure to the tune of ₹ 13,53,142/- as exempted and showed total income as NIL. The assessee made the deposits & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the present case are different from those in the cited cases, hence not applicable. 5.0 From the above discussion, it is clear that the Assessing Officer has failed to conduct proper enquiry and verification on the issue cited above. As has been brought out above, in various judicial pronouncements it has been held that where enquiry or verification is warranted, but not done, it would certainly cause prejudice to revenue and the Commissioner shall be justified in remanding the matter back to the Assessing Officer for making such enquiry. Hence, the assessment made by Assessing Officer, the ITO Ward-5(2)(3), Ahmedabad u/s. 143(3) dated 20.02.2015 is erroneous and prejudicial to the interest of revenue. Invoking the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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