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of <h1>Tribunal upholds Commissioner's decision under Income Tax Act</h1> <h3>Winsher Sales Pvt. Ltd. Versus PCIT, Kolkata-2, Kolkata</h3> Winsher Sales Pvt. Ltd. Versus PCIT, Kolkata-2, Kolkata - TMI Issues:Assessment order passed under section 263 of the Income Tax Act, 1961 challenged by the assessee for the Assessment Year 2011-12.Analysis:The appeal was filed by the assessee against the order passed under section 263 of the Income Tax Act, 1961 by the Principal Commissioner of Income-tax, Kolkata-2, challenging the assessment order framed under section 147/143(3) of the Act. The assessee did not appear during the proceedings despite multiple opportunities given. The Principal Commissioner raised concerns regarding two transactions: transfer of Rs. 11,00,000 to the assessee's account from M/s. Patra Bastraiaya and Rs. 27,00,000 received from M/s. Santosh Agency. The Principal Commissioner found a lack of independent and adequate inquiry by the Assessing Officer (AO) on these issues. The Principal Commissioner directed the AO to pass a fresh assessment order considering these issues.Before the Principal Commissioner, the assessee submitted written arguments, but they were not found acceptable. The assessee then appealed to the Tribunal, challenging the Principal Commissioner's order under section 263. The Tribunal noted that the transactions in question were not adequately verified by the AO. The Tribunal found that the submissions made by the assessee were insufficient to explain the transactions, and no detailed discussion was present in the assessment order. The Tribunal also observed that the assessee did not provide relevant documents to satisfy the AO regarding the transactions in question.Due to the lack of necessary details and verifications, the Tribunal upheld the Principal Commissioner's finding that the assessment order was erroneous and prejudicial to the interests of the Revenue. The Tribunal confirmed the decision to set aside the assessment order for fresh adjudication. Consequently, the Tribunal dismissed all grounds raised by the assessee and upheld the decision of the Principal Commissioner.In conclusion, the Tribunal dismissed the appeal of the assessee, affirming the decision of the Principal Commissioner, and upheld the order to pass a fresh assessment considering the issues raised during the proceedings.
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