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TMI Blog2022 (6) TMI 1272X X X X Extracts X X X X X X X X Extracts X X X X ..... hearing the registry has informed that the present appeal is time barred by 32 days. The assessee prayed for condonation of the delay. The reasons are placed on record. We, after perusing the same as well as material available on record find merit in the reasonable cause stated by the assessee and in the larger interest of justice, condone the delay and admit the appeal for adjudication. 3. The assessee has raised the following grounds of appeal:- 1. That on the facts and in law and in the circumstances of the case, the order dated 24 March, 2021 passed by the learned Principal Commissioner of Income-tax - 1, Kolkata (hereinafter referred to as 'Ld. Pr. CIT') under section 263 of the Income-tax Act, 1961 (hereinafter referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 30 October 2018 under section 143(3) read with section 144C of the Act. 6. That on the facts and in law and in the circumstances of the case, the Ld. Pr. CIT erred in mentioning that 'assessee had to show the entire interest receivable income of Rs. 81,53,73,583/- as income without deduction of Rs. 1,88,01,826/- in its Profit & Loss accounts' without appreciating that the aforesaid amount/issue does not pertain to the appellant at all. 7. That on the facts and in law and in the circumstances of the case, the Ld. Pr. CIT erred in initiating and concluding revisionary proceedings on an erroneous assumption that the Assessing Officer has passed the assessment order without making enquiries or verification which should have been ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter, gave direction to the ld.AO to frame fresh assessment after considering the following issues:- Sl.No. Issue Amount 1 Difference in addition in fixed asset (as per financial statement and as per Tax Audit Report (TAR) & depreciation thereon 1,85,95,413/- 2 Disallowance on an issue not pertaining to the appellant 18,801,826/- 3 Excess claim of depreciation on electrical installation 6,50,000/- 7. Thereafter, the ld. AO to the direction given in the impugned order dt. 24-03-2021 acted and passed an assessment order on 30- 03-2022 u/s. 143(3) r.w.s 263 r.w.s 144B of the Act. Out of the above stated three issues the ld. AO made the addition/disallowance only on account of following two issues:- Sl.No. Issue Amount 1 Disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing from page 1 to 147) dt. 08-02-2022, another case laws paper book dt. 14.6.22. 11. Per contra, Ld. Departmental Representative vehemently argued supporting detailed finding of the Ld. PCIT. 12. We have heard the rival contentions and perused the record placed before us and also carefully gone through the plethora of judgment referred and relied on by the Ld. Counsel for the assessee in two case laws paper books filed before us. The assessee has challenged the revisionary proceedings carried out by the Ld. PCIT directing the ld. AO to examine the claim of depreciation on electrical installation in the direction given in the impugned order passed u/s. 263 of the Act. We find that the assessee has claimed depreciation @ 15% whereas Append ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tax Audit Report, which is already submitted before the ld. AO having details of each asset/block asset. The above reply given by the assessee to the query raised by the ld. AO " is neither here nor there". The assessee has not provided the details relevant to the assets, which it is claiming as part of plant & machinery. The assessee itself accepted that electrical installation are chargeable to depreciation @ 10%, but claimed the same at higher rate of depreciation. Onus is on the assessee to explain and prove the same with detail about such claim. Since no such specific reply was given by the assessee, the enquiry made by the ld. AO remained incomplete and it ought to have been addressed in the assessment order and Ld. AO should n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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