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TMI Blog2022 (11) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Revenue. In this case, PCIT issued show-cause notice to the assessee on the ground that the Assessing Officer has not examined properly in respect of unsecured loans received from M/s. Rams Estate for the assessment year 2016-17. DR has filed a copy of the return of income for the assessment year 2016-17 in respect of M/s. Rams Estate, wherein, under Col. 3 (b) Loans and advances, no details were mentioned. Therefore, considering the return of income of M/s. Rams Estate, we are of the considered opinion that the AO has not examined the issue properly and the assessment order is erroneous and prejudicial to the interest of the Revenue. PCIT has rightly exercised his power conferred u/s 263 and directed the AO to pass fresh assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 143(3) of the Act is erroneous and prejudicial to the interest of the Revenue. Accordingly, the ld. PCIT set aside the assessment order and directed the Assessing Officer to carry out fresh assessment in accordance with law after giving an opportunity of being heard to the assessee. 4. On being aggrieved, the assessee carried the matter in appeal before the Tribunal and the ld. Counsel for the assessee has submitted that the Assessing Officer, after verifying the details filed by the assessee in respect of unsecured loans from M/s. Rams Estate amounting to ₹.1,99,38,277/-, completed the assessment. Therefore, the order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of Revenue and prayed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Revenue. In this case, the ld. PCIT issued show-cause notice to the assessee on the ground that the Assessing Officer has not examined properly in respect of unsecured loans received from M/s. Rams Estate for the assessment year 2016-17. The ld. DR has filed a copy of the return of income for the assessment year 2016-17 in respect of M/s. Rams Estate, wherein, under Col. 3 (b) - Loans and advances, no details were mentioned. Therefore, considering the return of income of M/s. Rams Estate, we are of the considered opinion that the Assessing Officer has not examined the issue properly and the assessment order is erroneous and prejudicial to the interest of the Revenue. Therefore, the ld. PCIT has rightly exercised his power conferred unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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