9911796707
TMI Blog2022 (9) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... AT:- No reply to the show cause notice was filed by the assessee. We find that Ld PCIT passed the impugned order after detailed discussion and on clearly holding that it was the duty of the AO to investigate the fact in the return of assessee, when circumstances demand to make such inquiries. Thus, in absence of proper inquiry, the assessment order passed by AO is erroneous and prejudicial to the interest of revenue. We find that in absence of proper investigation of the issues the order passed by AO in erroneous, the Revenue suffered loss of due tax. Thus, the assessment order is prejudicial to the interest of Revenue as well. The order passed by the AO is not only erroneous but also in so far as prejudicial to the interest of revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law calculating the time limit for passing order u/s 263 of the Act from the end of financial year in which the order u/s 147 was passed ignoring the fact that issue of cash deposit, development charges, advances and short term capital gain was not therein in reassessment and therein no discussion in the reassessment order on these issues. 5.That the order u/s 263 is bad in law for the reason that proceedings u/s 147 initiated itself is bad in law, and an invalid assessment can t be set aside u/s 263. 6.That the order u/s 263 is also otherwise bad in law for the reasons that no addition was made for the reasons recorded for reopening of assessment u/s 147 and as such no other addition could have been made by the AO, therefore the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued show cause notice dated 07.04.2017, fixing the date of hearing on 12.04.2017. The contents of show cause notice under section 263 is recorded in para-5 of the order of Ld. PCIT. In the show cause notice, the Ld. PCIT identified following five issues (i) that no inquiries were conducted with regard to cash deposits in bank accounts of assessee; (ii) no inquiry made by the Assessing Officer regarding land development charges of Rs.22,69,920/-; (iii) the assessee has shown unsecured loans from seven persons amounting to Rs.23,37,44/-,the Assessing Officer asked for confirmation of such loans and only one confirmation was filed by assessee without any proper address and another confirmation is filed under signature of assessee himself and n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal on the basis of material available on record and after hearing Ld. Commissioner of Income-tax-Departmental Representative (Ld. CIT-DR) for the Revenue. 5. The Ld. CIT-DR for the Revenue submits that the Assessing Officer passed the assessment order without examining the five issues identified by Ld. PCIT in his order, the assessee was given full opportunities to contest the revision proceedings but assessee failed to contest the revision proceedings. The Ld. PCIT after elaborate discussion on all the issues set aside the assessment order and directed the Assessing Officer to pass the assessment order afresh, after giving due opportunity to assessee. The assessment order is not only erroneous but also prejudicial to the interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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