9911796707
TMI Blog2024 (10) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds of appeal:- "1. In law and in the facts and circumstances of the case, the order passed by Ld. Pr. CIT, Ahmedabad-1 u./s 263 of the Income tax Act is ab initio void being bad in law. 2. On the facts and circumstances of the case, the learned Pr. CIT erred in setting aside the assessment order dated 29/03/2022 passed by the faceless assessing officer u/s 147 r.w.s. 144B, and directing the faceless assessing officer to pass a fresh Assessment Order. 3. The appellant craves leave to add, alter, amend and/or withdraw any ground or grounds of appeal either before or during the course of hearing of the appeal." 3. The brief facts of the case are that the assessee filed return of income for A.Y. 2016-17 on 05.08.2016, declaring tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer had verified the issue and therefore, the order of the Assessing Officer is not erroneous and prejudicial to the interest of the Revenue. The assessee submitted that he had purchased unit No. 608 in the scheme of Kalhaar Blues and Greens, jointly with his co-purchaser. The assessee further submitted that this unit was initially booked by Mr. Rajan Shah who had paid a sum of Rs. 77,00,000/- to the builder and the assessee and his co-purchaser have paid this sum to Mr. Rajan Shah. The assessee submitted / explained that he has paid a sum of Rs. 25,00,000/- to Mr. Rajan Shah and the balance sum of Rs. 52,00,000/- was paid by the brother of the assessee. 4. However, the PCIT was of the view that as per in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iating re-assessment proceedings under Section 147 of the Act was to analyse the on-money payment of Rs. 55,00,000/- towards payment made to Navratna Developers. Secondly, the Counsel for the assessee drew our attention to notice dated 03.11.2021, in which the Assessing Officer made a specific enquiry regarding the payment of on-money of an amount of Rs. 55,00,000/- paid by the assessee towards purchase of immovable property from Navratna Organisers and Developers Pvt. Ltd. Thereafter, the Counsel for the assessee drew our attention to reply dated 30.12.2021 in which the assessee objected to initiation of proceedings under Section 147 of the Act. In the said reply, the assessee had challenged the initiation of re-assessment procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding that the assessee has paid on-money to Navratna Developers towards purchase of immovable property. The Counsel for the assessee thereafter drew our attention to draft order of the Assessing Officer (at Page 94 of the Paper Book), in response to which the assessee filed another reply dated 17.03.2022 (at Pages 97-108 of the Paper Book) in which the assessee specifically submitted that there is no incriminating material whatsoever to come to a finding that a sum of Rs. 55,00,000/- was paid as on-money by the assessee to Navratna Developers towards purchase of immovable property. In the said letter, the assessee had requested the Assessing Officer to give details of any incriminating material whatsoever, which would suggest that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PCIT in the 263 order to contend that the assessment order lacked adequate enquiries into the matter and therefore, was liable to the set-aside. 7. We have heard the rival contentions and perused the material on record. Firstly, we are of the considered view that the Assessing Officer had made sufficient enquiries on this aspect during the course of 147 proceedings, which is evident from various notices issued by the Assessing Officer, specifically to enquire into the aspect of payment of on-money cash amounting to Rs. 55,00,000/- towards purchase of property. Secondly, we are observe that on going through the contents of the 263 order, the PCIT has not given any specific findings as to where the Assessing Officer has erred in facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts, the Gujarat High Court, while ruling in favour of the assessee observed as under: "1. Having noted the findings of the facts returned by the Commissioner of Income Tax (Appeals) ('CITA', in brief) and the Income Tax Appellate Tribunal ('ITAT', herein after), we may record that, essentially, the proceedings under Section 153C of the Income Tax Act, 1961 (in short, 'IT Act of 1961') were initiated against the Respondent- assessee on the basis of an excel sheet found from the computer of a person, associated with the Company, namely Navratna Organizers and Developers Private Limited (in short as 'the Developer'), in the premises of whom the search was conducted. 2. The excel sheet, according to the learned Counsel for the Revenue, co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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