9911796707
TMI Blog2022 (12) TMI 383X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the seller - HELD THAT:- Contention of the assessee is that the cash paid / deposited was out of the balance available in her books, but she had not submitted any evidence to substantiate her claim and the AO has not verified the above details, therefore the Ld.Pr.CIT set aside the orders passed by the AO as deemed to be erroneous and prejudicial to the interest of the revenue. The contention of the assessee is that the AO has examined all the details filed by the assessee. Upon perusal of the assessment order, the AO has not mentioned anything about the verification of cash deposits / cash payment made by the assessee to the seller. In the absence of such enquiry, we are of the view that the order passed by the Ld.AO is prejudicial to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 22.11.2018. Under the powers vested with the Pr.CIT as per the provisions of section 263 of the Act, the Ld.Pr.CIT called for assessment records and examined the same. The Ld.Pr.CIT observed that the assessee along with two other co-owners had purchased vacant land for a consideration of 1,55,85,500/- and paid her share of Rs.51,95,167/-, out of which an amount of Rs.33,45,167/- was paid in cash and the balance amount was paid through banking channels. While making payment through banking channels, the assessee made a deposit in cash of Rs.9.5 lakhs on 10.12.2015 in Corporation Bank, Vizianagaram to obtain Demand Draft in favour of the seller. With regard to the sources for investment made in cash of Rs.42,95,167/-, the assessee explained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order u/s 143(3) of the I.T.Act after having satisfied about the correctness of my information and sources etc. In fact she has passed the order by making the following observation in her assessment order dated 22.11.2018. "In response to the said notices the assessee filed the submissions through e-proceedings module were called from time to time. After examination of the relevant information filed by the assessee through ITBA and going by the material produced / obtained, the assessment is completed by accepting the income returned." The assessee submitted before the Ld.Pr.CIT that she has uploaded all the information, details, evidences and documents as called for by the then learned Assessing Officer during the course of assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the assessment order dated 22.11.2018 passed u/s 143(3) of the I.T.Act for the Asst.Year 2016-17 by invoking the revisionary powers u/s 263 of the I.T.Act is unjust and uncalled for. 2. The Principal CIT-1 ought to have accepted the explanation and contentions along with evidences submitted by the appellant during the course of impugned proceedings and also at the time of assessment proceedings and ought to have dropped the impugned proceedings initiated u/s 263 of the I.T.Act in the interest of justice. 3. The Principal CIT-1 ought to have appreciated the fact that the then Learned Assessing Officer passed the impugned assessment order dated 22.11.2018 u/s 143(3) of the I.T.Act by verifying all the materials and evidences submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment accepting the income returned, which is not erroneous and prejudicial to the interest of the revenue to revise the assessment which has already been verified and completed by the Ld.AO. Hence, requested to set aside the order of the Ld.Pr.CIT and allow the appeal of the assessee. 7. Per contra, the Ld.DR submitted that the assessee, simply stated that the cash paid / deposited was out of the balance available in her books, but had not submitted any documentary evidence to substantiate her claim and the AO had not verified the same, which rendered the assessment not only erroneous, but also prejudicial to the interest of the revenue and the Ld.Pr.CIT rightly invoked the provisions of 263, hence, requested to sustain the order u/s 263 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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