9911796707
TMI Blog2024 (12) TMI 499X X X X Extracts X X X X X X X X Extracts X X X X ..... hich show that the assessee has discussed all the necessary facts before the AO. After considering the entire record, the AO has come to an opinion that there is escapement of income and accordingly, he taxed the assessee. We are of the opinion that it is not a fit case of invoking attaining jurisdiction u/s 263 of the Act by the learned PCIT. Thus, the order passed by the PCIT is hereby quashed. Appeal filed by the assessee is allowed. - Shri V. Durga Rao, Judicial Member And Shri K.M. Roy, Accountant, Member For the Assessee : Shri Manoj G. Moryani For the Revenue : Shri Sandipkumar Salunke ORDER PER V. DURGA RAO, J.M. This appeal by the assessee is against the impugned order dated 31/03/2024, passed by the learned Principal Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered that the assessee has preferred appeal against the order passed u/s. 147 r.w.s. 144B of the Income Tax Act and addition made u/s. 69 as unexplained investment at Rs. 14,11,133/- and the same issue has to be merged with the appellate proceedings, therefore again passing order u/s. 263 is unjustified, unwarranted and excessive. 6. The Pr. Commissioner of Income Tax, Nagpur-2 has not considered the written submission of the assessee and passed the order u/s. 263 without considering details reply and without going into merits of the case; therefore order passed is unjustified, unwarranted and excessive. 7. The Pr. Commissioner of Income Tax, Nagpur-2 has not accepted that assessee has submitted entire details during the course of assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022, by the NaFAC assessing total income of Rs. 16,51,093, by making addition under section 69 of the Act on account of unexplained investment of Rs. 14,11,133. However, by examining the records, it was seen that the Assessing Officer, NaFAC failed to examine and verity the source of investment in the immovable property purchased and did not examine the difference between the stamp duty value over the purchase consideration before passing the assessment order. On examination of the assessment order and records, it was seen that the assessment order is erroneous inasmuch as it is prejudicial to the interests of Revenue for the reasons stated by the learned PCIT in his order vide Para 3a to 3c. 4. Meanwhile, the learned Principal Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered in the interest t of justice. iii). That the notice u/s 148 was issued on 31.03.2021 which was beyond 3 years period though the income considered as escaped is not more than 50Lacs. Therefore the notice issued u/s 148 is illegal, invalid and bad in law and consequential proceedings are null and void. iv) In respect of source of purchase of property, the assessee stated that the property was jointly purchases by assessee and other two co- owners i.e Vaishnav Ashtankar and Keshav Ashtankar. The assessee stated that his contribution for purchase of the agriculture land were at Rs. 66,07,000/- and remaining amount were paid by the other two co- owners of the property. This investment of Rs. 66,07,000/-, was stated by him as being out of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in exercise of power vested in me u/s 263 of the I.T. Act, 1961, I hereby set aside the order dated 30/03/2022 passed by the NaFAC under section 147 r.w.s. 144B of the Act, 1961 in this case for the A.Y.2016-17, with a direction to the assessing officer to pass a fresh assessment order on examination of (i) Income from other sources u/s 56(2)(vii) (b) of the IT Act, 1961 (ii) Cash payment for purchase of property (iii) Source of investment in the purchase of property after giving an opportunity of being heard to the assessee and after conducting necessary enquires. Aggrieved, the assessee is in further appeal before the Tribunal. 6. The learned Counsel for the assessee submitted that the Assessing Officer has re opened the assessment only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned PCIT. 9. We have heard the rival arguments, perused the material available on record and gone through the orders of the authorities below. The Assessing Officer, in the present case, after issuing notice seeking explanation from the assessee and examining all the details such as bank statement, source of income, etc., made addition of Rs. 14,11,133. Therefore, it cannot be said that the order passed by the Assessing Officer is erroneous. We have also gone through the contents of the Paper Book filed by the assessee and we find that the assessee has filed all the details before the Assessing Officer particularly Page 77, 78, 79, 80, 82 and 83, which show that the assessee has discussed all the necessary facts before the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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