TaxTMI 
TaxTMI 
2022 (1) TMI 892
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....original assessment order under section 143(3) was passed after full satisfaction of the Ld. Assessing Officer. Hence, the impugned order under section 263 may please be squashed. 2. On the facts and in the prevailing circumstances of the case, respected PCIT, Pune -1 erred passing the impugned Revision Order under section 263 exparte inspite of duly filed submissions by the assessee before time. Thus, the order passed without considering the submissions of the assessee may please be treated as bad in law and hence, the impugned order under section 263 may please be squashed. 3. The Appellate craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of the appeal, if deemed necessary....
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....0/- only wherein, the actual difference of deposit and the gross business turnover of the assessee during the relevant assessment year was Rs. 7,79,100/-. That therefore, as a matter of fact, the Pr.CIT held that the assessment was erroneous so as to be prejudicial to the interests of the Revenue. The Pr.CIT further opined that the addition in the assessment order of Rs. 3,00,000/- was charged to tax at normal rate which actually as unexplained cash deposit, which was required to be taxed u/s 69 of the Act as unexplained investment in view of the insertion of section 115BBE(1) by the Finance Act, 2012 w.e.f. 01.04.2013, any income referred to in section 68, 69, 69A, 69B, 69C & 69D was required to be taxed at the rate of 30% (flat rate) and ....
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....tatus including my activities of earning income for kind perusal and consideration as under:- I am a house wife and have done some business during the previous year relevant to assessment years 2015-16 for which a return of income declaring total income of Rs. 452490/- is on 22.11.2016 comprising of business income of Rs. 305400 declared U/s. 44AD and Bank interest of Rs. 157086/- My husband retired as a colonel from Indian Army in 1991 after outing 35 years of service in Army. The husband of my sister was a prince Son of Maharaja Nalagad ( Himachal Pradesh) My sister mrs Rati Kanwarani expired on 07.09.2012 had made a will in favour of my Son Shri Indervivsing Shergil (Citizen of Canada) and accordingly he got substantial movable ....
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.... out of past savings of many years. The total of deposits during the year amounted to Rs. 1568000/-. Considering the financial status and standard of living of our family the deposits may kindly be considered as genuine past savings and reasonable. I do not have investment except Bank balance in account and a FD in Bank. Kindly consider and oblidge. Thanking You, Yours Faithfully Sd/- (Mrs. Harjit A. Shegil)" 4. That, as evident from the afore-stated letter both assessee and her husband are super senior citizens belonging to respectable social and economical background. It has been narrated specifically that because of old age, health ailments they have liquid funds/cash at their disposal to meet any u....
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....de and have gone through the records. The first issue that arises for our consideration is about the exercise of power by the Commissioner of Income-tax under section 263 of the Income-tax Act. As noted above, the submission of learned counsel for the revenue was that while passing the assessment order, the Assessing Officer did not consider this aspect specifically whether the expenditure in question was revenue or capital expenditure. This argument predicates on the assessment order which apparently does not give any reasons while allowing the entire expenditure as revenue expenditure. However, that by itself would not be indicative of the fact that the Assessing Officer had not applied his mind on the issue. There are judgments galore la....
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....s of the revenue must be based on materials on the record of the proceedings called for by him. If there are no materials on record on the basis of which it can be said that the Commissioner acting in a reasonable manner could have come to such a conclusion, the very initiation of proceedings by him will be illegal and without jurisdiction. The Commissioner cannot initiate proceedings with a view to starting fishing and roving enquiries in matters or orders which are already concluded. Such action will be against the well-accepted policy of law that there must be a point of finality in all legal proceedings, that stale issues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest jud....