9911796707
TMI Blog2022 (5) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... there is a reply filed by the assessee before the ld. PCIT stating that the required information were filed but they are not sufficient to prove that whether ld. AO raised sufficient enquiry about the investment in unlisted equity shares. In the case of limited scrutiny assessment, AO is duty bound to examine the details minutely which are linked to the reasons for limited scrutiny. Records do not contain the copy of notice issued u/s 142(1) of the Act, replies filed by the assessee, specific questions raised by the ld. AO referring to the investment in unlisted equity shares and the source of such investment. In the impugned order, ld. PCIT has restored the issue to the file of the ld. AO for examining the above referred issue of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtunity was given by issuing a notice through RPAD through D/R as well as e-mail. On 28.02.2022 when the case was called up again there was no appearance on behalf of the assessee. In the case records no power of attorney has been filed. All efforts have been made by the Registry to communicate with the assessee but there is no response from the assessee. It seems that the assessee is not interested in pursuing the appeal. Therefore, we are proceeding ahead to adjudicate the issue raised in this appeal with the assistance of ld. D/R and the available records. 3. The assessee is in appeal before the Tribunal raising the following grounds: 1. For that the order of the Ld. CIT is arbitrary, illegal and bad in law. 2. For that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound/s of appeal on or before hearing of the appeal. 4. Brief facts of the case as per the records are that the assessee is a private limited company. Income of Rs.16,620/- declared in the return of filed on 18.01.2016. Case selected for scrutiny through CASS and during the course of assessment proceedings the assessee was asked to explain books of accounts and bills and vouchers and the same were supplied along with the hard copy of income tax return and audited grounds. Ld. Assessing Officer (in short ld. AO ) concluded the assessment on 25.08.2017 accepting the return of income as assessed income at Rs.16,620/-. 5. In the meantime. Ld. PCIT invoked the powers u/s 263 of the Act and examined the assessment records. On perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g regard to the facts and circumstances of the case and in law and in accordance with the provisions of Sec. 263(1) of I T Act, 1961 you are hereby given an opportunity of being heard to show cause as to why the impugned assessment order passed u/s 143(3) by DCIT, Circle - 7(1), Kolkata on 15.09.2017 for A.Y. 2015-16 should not be held as erroneous in so far as it is prejudicial to the interests of the revenue. You may accordingly furnish your written submissions u/s 263(1) of I.T.Act, 1961 by 24.03.2021 in this regard, elaborating and/or evidencing your contentions/submissions. Considering the pandemic situations arising due to COVID-19, physical attendance is not considered necessary and you are requested to make written submissions with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment order there is no discussion about the reasons for selection for limited scrutiny nor there is any discussion of the issues raised before us. Though there is a reply filed by the assessee before the ld. PCIT stating that the required information were filed but they are not sufficient to prove that whether ld. AO raised sufficient enquiry about the investment in unlisted equity shares. In the case of limited scrutiny assessment, ld. AO is duty bound to examine the details minutely which are linked to the reasons for limited scrutiny. Records do not contain the copy of notice issued u/s 142(1) of the Act, replies filed by the assessee, specific questions raised by the ld. AO referring to the investment in unlisted equity shares and the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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