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TMI Blog2024 (12) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... based on Explanation 2 to Section 263 pertaining to failure of the AO in making inquiries or verification was without any basis and contrary to the record and has allowed the appeal on finding that the order passed by the PCIT was without jurisdiction, in relation to which learned counsel for the appellants failed to point out any perversity, we do not find that the facts of the present case give rise to any substantial question of law as suggested by counsel for the appellants. The appeal has no substance. The same is, therefore, dismissed. - HON'BLE ARUN BHANSALI, CHIEF JUSTICE AND HON'BLE VIKAS BUDHWAR, J. For the Appellant :- Gaurav Mahajan. For the Respondent :- Ashish Bansal, Shalini Goel. 1. This appeal under Section 260A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s exempted under Section 10 (35) of the Act and large increase in unsecured loans is attributable to increase in the amount of loans obtained by the firm from its partner and consequently, the AO did not draw any adverse inference against the assessee on issues mentioned in CASS and accepted the returned income and passed the assessment order on 17.12.2019 under Section 143 (3) of the Act. 4. The PCIT examined the case records of the assessee. To it the assessment order appeared to be erroneous and prejudicial to the interest of revenue. Therefore, invoking powers under Section 263 of the Act, it issued notice to the assessee to which a reply was filed. The PCIT considered the submissions and set aside the assessment order observing and dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that certain documents were filed before the PCIT, however, the same were not found available on the assessment record which clearly showed that either the said documents were not filed during assessment proceedings or not taken into cognizance thereof or considered by the AO and, therefore, the order impugned passed by the Tribunal gives rise to substantial questions of law. 8. Learned counsel for the respondent supported the order impugned. Submissions have been made that the assessment has been made under Section 143(3) of the Act after issuing detailed questionnaire to the assessee and after examination and verification of the issues raised requiring respondent to clarify and justify them, which was duly responded to along with the doc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exercise, the AO reached to the conclusion that no adverse inference against the assessee can be drawn with regard to any of the issues examined by him. The Tribunal whereafter itself examined the issues pertaining to the excess claim of exemption of dividend income and that of unsecured loans and came to the conclusion that the entire material was produced before the AO and that it cannot be said that the assessee faulted in producing the record during assessment proceedings and/or the same was not verified by the AO. 13. Once the Tribunal on thorough scrutiny of the record has come to the conclusion that the reasons recorded by the PCIT based on Explanation 2 to Section 263 pertaining to failure of the AO in making inquiries or verifica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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