2014 (4) TMI 863

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....order made in exercise of the revisional jurisdiction under Section 263 of the Income Tax Act in the given circumstances of the case?" 2. A search and seizure operation was conducted on 16.10.2007 in the establishment of one Shri Dwarka Das Aggarwal (TNG Group). Notice under Section 142 (1) was issued to the assessee - whose accounts too were centralized on 17.02.2009. Later jurisdiction was transferred along with cases of that group to the ACIT, Central Circle IX. In response to a notice under Section 142 (1), the assessee filed a return declaring income of Rs.2,94,87,060/-. The original return of 13.10.2008 was in the same terms. Notices under Section 143 (2) along with the questionnaire was issued calling for detailed information. The....

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...., the Commissioner felt that the approach and order of the AO were both erroneous and prejudicial to the interest of the Revenue. 5. The assessee's appeal was successful. The ITAT in its impugned order recorded as follows: - "8. To this letter were enclosed a number of accounts copies of various parties. These account copies have been countersigned by the creditors/parties. The PAN numbers have been furnished. This means that confirmation of accounts have been furnished in these cases. The Assessing Officer has not stated as to which further confirmation letters are required by him. He did not ask for any further details from the assessee. 9. We also find filed on record a number of accounts copies, statements etc, which as extract....

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....t by the CIT. The CIT cannot sit in judgment over type of investigation or extent of enquiry that the AO should conduct. If the AO, on verification of account copies and certain confirmations, with his own jurisdictional record and with the record of his other I.T. Officer jurisdiction and then comes to a conclusion that no addition under Section 68 of the Income Tax Act, 1961 is warranted and does not make such an addition the CIT cannot revise the order for making such an addition that too without any evidence or material. The comment of the CIT that the AO should have added the said sum as income in the hands of the assessee is against the well settled principles of law that such conclusions cannot be drawn without evidence." 6. The p....