9911796707
TMI Blog2022 (8) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessee s replies during regular assessment proceedings as placed before us, we find that the nature of other income of Rs.7.55 Lacs has nowhere been disclosed by the assessee whereas this income has been reflected in the return of income. This income was shown to be one of the sources of funds during regular assessment proceedings. However, no verification of other income was done by Ld. AO. In fact during revisional proceedings, the assessee shifted the stand and submitted that it was surplus out of deposits and withdrawals which are contradictory to return of income. It is clear that the nature and source of Rs.7.55 Lacs was nowhere examined by Ld. AO as well as no explanation for the same was furnished by the assessee. Under such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er consideration was passed out of time, invalid, passed without jurisdiction and not sustainable both on facts and in law. 4. The PCIT failed to appreciate that the twin conditions of error and prejudice causing to the Revenue were not satisfied concurrently on the facts and in the circumstances of the case and ought to have appreciated that there was no scope for substituting the decision taken by the Assessing Officer in the revisional proceedings, thereby vitiating the revision order on various facets. 5. The PCIT erred in setting aside the scrutiny assessment order made under the limited scrutiny category of assessment by directing the Assessing Officer to invoke the provisions in section 115BE of the Act in relation to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant craves leave to file additional grounds/arguments at the time of hearing. 2. The Ld. AR advanced arguments to submit that the case was selected for limited scrutiny to verify the cash deposit during demonetization period. The same was duly verified by Ld. AO during the course of regular assessment proceedings. Drawing attention to assessee s responses during assessment proceedings (page 28 of paper book), Ld. AR submitted that the assessee filed abstract of cash receipts and payments into bank and the deposits were sourced out of salary, agricultural income, tuition gees and earlier withdrawals made from bank account. The Ld. AR submitted that the verification of other income of Rs.7.55 Lacs as earned by the assessee was not t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mission 3,52,401.00 -- -- Other Income 87,000.00 7,09,000.00 7,55,000.00 Gross Total Income 9,97,989.00 12,62,856.00 13,93,894.00 Agricultural Income 8,41,640.00 9,98,880.00 The assessee also filed abstract of cash receipts and payments into bank and the assessee arrived at closing cash in hand for Rs.13917/-. Considering assessee s replies, the returned income was accepted. 4. Subsequently, upon perusal of case records, Ld. Pr. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. Upon perusal of assessee s replies during regular assessment proceedings as placed before us, we find that the nature of other income of Rs.7.55 Lacs has nowhere been disclosed by the assessee whereas this income has been reflected in the return of income. This income was shown to be one of the sources of funds during regular assessment proceedings. However, no verification of other income was done by Ld. AO. In fact during revisional proceedings, the assessee shifted the stand and submitted that it was surplus out of deposits and withdrawals which are contradictory to return of income. It is clear that the nature and source of Rs.7.55 Lacs was nowhere examined by Ld. AO as well as no explanation for the same was furnished by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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