AI Drafter 
TaxTMI 
TaxTMI 
2017 (8) TMI 223
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....The Order of the learned Commissioner of Income-tax, Bangalore-III, Bangalore passed under section 263 of the Act in so far as it is against the Appellant is opposed to law, equity, weight of evidence, probabilities and the facts and circumstances in the Appellant's case. 2. The learned CIT has grossly erred in revising the order passed by the learned assessing officer without appreciating that there is no error and nothing prejudicial to the interests of the Revenue to warrant a revision and therefore the order passed by the learned CIT is ultra vires to the scope of Section 263 and requires to be cancelled under the facts and circumstances of the Appellant's case. 3. The learned CIT failed to appreciate that the ....
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....eous as the amount of Rs. 74,19,860/- is brought to tax purely based on the amount reflecting in Form 26AS but has grossly erred to give the credit of entire amount of Rs. 68,91,317/- as TDS Credit to the appellant under the facts and circumstances of the case. 9. The Appellant craves leave to add, alter, delete or substitute any or all of the grounds urged above. 10.For these and such other grounds that may be urged, the appellant prays that the appeal may be allowed for the advancement of substantial cause of justice and equity. 2. Briefly, the facts of the case are that the assessee is an individual engaged in the business of execution of civil contracts. The return of income for the assessment year 2009-10 filed on ....
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....nsidered. The Assessing Officer has passed Assessment Order u/s 143(3) of the Act on 30.12.2011. During the course of proceedings u/s 263, the following facts were noticed. i) The words "Earnest Money Deposit" (EMD) and "Further Security Deposit" are two different terms. The Earnest Money Deposit is the refundable amount collected in the form of Demand draft or cheques while receiving quotes from the bidder to ensure that a Bidder does not submit a Dummy Bid or back out at the time of tender opening. If the contract is awarded to the bidder, the EMD amount is either adjusted against any other security deposit that is to be kept in terms of contract or returned to bidder. If the contract is not awarded, the EMD is returned to bidder....
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....n part payment basis after elapse of maintenance period specified in the contract entered with the BBMP. Since the assessee has not produced any evidences such as date of deposit of EMD/FSD, mode of payment and copy of agreement entered with BBMP, the assessee claim could not be verified. iii) As per the balance sheet as on 31.03.2008 EMD/FSD shown as receivable from BBMP including FD/FDR which was shown at Rs. 2,22,67,559/- and closing balance in the balance sheet as at 31.03.2009 is shown at Rs. 1,17,82,606/-. According to this, the assessee during the financial year 2008-09 should have received Rs. 1,04,84,953/-. But as per the ledger extract furnished along with the submissions made this has been shown at Rs. 63,97,344/- only. ....
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.... before the learned CIT and contended that the said sum is not in the nature of income in the hands of the assessee and therefore the learned CIT ought not have exercised the power of revision. On the other hand, the learned CIT(DR) placed reliance on the order of the CIT passed under section 263. 7. We heard the rival submission and perused the material on record. The issue in the present appeal is whether the learned CIT is justified in exercising the power of revision in the present case. It is trite law that assumption of jurisdiction u/s 263 of the Act was justified in cases where the AO without application of mind on any issue had passed assessment order. In the present case when the AO had noticed that there was a claim for credit....