9911796707
TMI Blog2025 (4) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal is condoned. The application, GA/1/2025 is allowed. 2. We have heard Mr. Amit Sharma, learned standing counsel appearing for the appellant/department and Mr. J. P. Khaitan, learned senior counsel for the respondent/assessee. 3. This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 [the Act] is directed against the order dated 27.2.2024 passed by the Income Tax Appellate Tribunal "B" Bench, Kolkata [Tribunal] in ITA NO.382/KOL/2021 for the assessment year 2015-16. The revenue has raised the following substantial questions of law for consideration. "i) Whether on the facts and in the circumstances of the case, the Learned Tribunal was justified in law to quash the order under Section 263 of the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsider the order passed by the Assessing Officer and form an opinion that such an order is erroneous in so far as it is prejudicial to the interest of revenue. After forming such an opinion, show cause notice has to be issued to the assessee and the assessee should be given an opportunity to explain. The Pr.CIT would be empowered to conduct an inquiry as he deems fit and proper. After receiving the explanation of the assessee, it will be well open to the Pr. CIT to set aside the assessment order passed by the Assessing Officer. He may also enhance the assessed income by modifying the order and he may also set aside the order of the Assessing Officer and direct to pass fresh orders. The Hon'ble Supreme Court in Malabar Industrial Co. Ltd. vs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rthermore, during the course of examination there is no computation statement etc. which was also considered and thereafter the assessment was completed by an order dated 10.11.2017. In the last paragraph of the order there is a quote which is not for assessee which states 'CASS points have been checked'. This note which is not for the assessee will show that there has been due application of mind by the Assessing Officer. The learned senior counsel appearing for the respondent/assessee has produced a copy of the notice issued by the Assessing Officer under section 142 (1) of the Act dated 30.8.2017. In the said notice as much as 14 queries have been raised and one among the query, the query no.12 'large investment in property [AIR]' as com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer did not do any verification at all but on the ground that the Assessing Officer has not carried out proper verification/investigation. As pointed out above, the factual position clearly shows that there has been due verification done by the Assessing Officer and the Assessing Officer was also careful enough to note CASS point which was also verified by the Assessing Officer. 8. Learned standing counsel placed reliance on the decision in the case of Commissioner of Income Tax vs. Anand Kumar Jain, (2015) 57 Taxmann.com 372 (Allhabad), wherein the Hon'ble Court held that the Assessing Officer during scrutiny did not apply his mind to scrutinize the identity and capacity of the lenders who furnished loans and the matter was to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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