TaxTMI 
TaxTMI 
2017 (8) TMI 223
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....x, 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 direction to make fresh assessment amounts to ordering for makin....
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....rm 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 25.09.2009, declaring total income of Rs. 1,86,57,660/-. After issuing the requisite notice under section 143(2), t....
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....ceedings 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. The Further Security Deposit is a deposit obtained from the bidder while awarding contract to ensure recovery of losses if any....
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....ny 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. The AD needs to examine the difference. iv) The assessee in the profit and loss account relating to A.Y.2009-10 has shown total contract receipt at....
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....sed 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 of TDS on a sum of Rs. 74,19,860/- he is duly bound to examine whether the said sum has been offered to tax or not. Failure to do so by the AO renders the assessment or....