2020 (3) TMI 1485

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..... vant details to CIT by giving elaborate response which has been referred to hereinabove and also reproduced in the impugned order. Not only did the assessee explain the source of payment of Rs.7.00 lakh given to Shri Nitin Bhusare but also gave the Permanent Account Number and other relevant income-tax details of M/s N.K. Developers and also Shri Nitin Bhusare. No infirmity whatsoever was found b .....

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..... hat case, he could not have set aside the assessment order and directed the AO to re-examine the same. The impugned order, being contrary to law, cannot be sustained. Decided in favour of assessee.
SHRI R.S. SYAL, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER For the Assessee : None For the Revenue : Shri Deepak Garg ORDER PER R.S.SYAL, VP : This appeal by the asse .....

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..... e relative of the assessee who was also having business relations. The assessee furnished detail of Rs.2.00 lakh taken from him by cheque and Rs.7.00 lakh given back to him again by cheque. Not only that, the assessee further explained the source of Rs.7.00 lakh as having been received from M/s N.K. Developers, in which both the assessee as well as Sh. Nitin Bhusare were partners. The assessee fur .....

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..... see. 4. It is seen from the impugned order that the ld. Pr. CIT initiated proceedings u/s.263 primarily on the ground that the assessee received Rs.2.00 lakh from and paid Rs.7.00 lakh to M/s. Nitin Sales Corporation, which aspect was not gone into by the AO. The assessee furnished all the relevant details to the ld. Pr. CIT by giving elaborate response which has been referred to hereinabove and .....

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..... the assessment order erroneous and prejudicial to the interest of Revenue on that score and direct the AO to examine it de novo. Extantly, we are confronted with a situation in which the assessee did furnish all the relevant details of the receipt from and payment to M/s. Nitin Sales Corporation. The ld. Pr. CIT did not find anything amiss in such details. In that case, he could not have set aside .....

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