TaxTMI 
TaxTMI 
2020 (8) TMI 588
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....davit stating the reason for the delay in filing the appeal. The Ld. AR submitted that the order of the Pr. CIT passed u/s. 263 of the I.T. Act dated was received on 25-01-2019. It was submitted that the his ITP R. Prasannan Pillai who was representing his case was seriously ill due to heart ailments and he passed away on 13-05 2019. Meanwhile, it was submitted that the assessing Officer passed an order giving effect to the said order of the Pr. Commissioner of income Tax, on 08-04-2019 and the said consequential order was received by the assessee on 11-04 -2019. It was submitted that as the ITP of the assessee was not in a condition to take necessary action in the matter, he approached another ITP, on whose advice he filed the appeal in t....
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....33,190/-. 3.1 On subsequent verification of records, the Pr. CIT found that the assessee declared turnover for the A.Y.2014-15 at Rs. 72,82,235/-. During the previous year relevant to the Assessment Year 2014-13, the assessee deposited Rs. 1,24,09,845/- in various savings bank accounts. During the assessment proceedings, the assessee submitted that he frequently withdrew cash from account maintained with SBI and deposited the same in the account with ICIC1 in order to avail business loan from ICICI as per their insistence. It was also stated that his brothers also gave loans. But since he could not produce any evidence to substantiate his inter-bank transactions or about the loans obtained from his brothers, the Assessing officer treated ....
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.... the Commissioner is beyond the scope of section 263 of the IT Act 1961. 4. The Appellant was prevented from furnishing the confirmation letters from his relatives to the effect that they had sent the amounts to the Appellant's account from abroad, for the reason that the Appellant was not properly advised by the ITP who was representing him as the ITP was suffering from serious heart ailment during the relevant time. 5. The Commissioner ought to have found that the Appellant had no sufficient opportunity to produce the confirmation letters due to the lack of proper advice from his tax consultant who represented him. 6. The Commissioner erred in treating the entire cash credits reflected in his bank accounts as his undisclosed tur....
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....ons of section 115BBE is applicable with effect from 01/04/2013. The additions made u/s. 68, 68, 69B, 69C and 69D of the I.T. Act cannot be set off with loss with effect from 01/04/2017. The direction of the Pr. CIT that addition u./s. 68 of the Act is to be made at special rate of 30% is proper if the addition made u/s. 68 of the Act is sustained by the Assessing Officer. Further, in this case, as rightly pointed out by the Ld. AR, the Pr. CIT had exercised his power u/s. 263 of the I.T. Act and he himself decided about the applicability of section 68 of the Act. Thereafter, he gave direction to the Assessing Officer to give opportunity of hearing to the assessee which is inappropriate. The Pr. CIT pre-decided the issue and thereafter, dir....