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TMI Blog2022 (8) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... he has not examined the genuineness and credit worthiness of the AOP. Pr.CIT has given direction to the AO to examine this aspect. We do not find any infirmity in the order passed by thePr.CIT u/s 263 and hence dismiss the grounds raised by the assessee. - I.T.A.No.336/Viz/2019 - - - Dated:- 23-8-2022 - SHRI DUVVURU RL REDDY, HON BLE JUDICIAL MEMBER AND SHRI S BALAKRISHNAN, HON BLE ACCOUNTANT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.8,50,840/- (being 5% of the net purchases) and after making addition of Rs.3,45,000/- to the income admitted from poultry business representing unexplained investment in acquisition of poultry farm. The Ld.Pr.CIT initiated proceedings u/s 263 and issued notice to the assessee. After considering the submissions of the assessee, the Ld.Pr.CIT passed an order u/s 263 saying that the assessment ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o have considered the explanation submitted by the assessee. 5. The learned Pr.CIT, Rajahmundry is not justified in denying the transaction between eh AOP and the assessee. 6. The learned Pr.CIT, Rajahmundry is not justified in initiating the proceedings u/s 263 without considering the facts and circumstance of the case. 7. For the above and other grounds that may be urged at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. We have heard both the parties and perused the material placed on record. It is an admitted fact that the AO has not examined about the source of investment and he has not examined the genuineness and credit worthiness of the AOP. The Ld.Pr.CIT has given direction to the AO to examine this aspect. We do not find any infirmity in the order passed by the Ld.Pr.CIT u/s 263 and hence dismiss the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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