TaxTMI 
TaxTMI 
TaxTMI 
2022 (1) TMI 892
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 at the time of hearing of the appeal." 2. The facts, in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 no other deduction is allowed to the assessee against such ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 and immovable properties. Thus my family is well to do. My husband had income from salary and interest from Banks ti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cial 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 urgent medical contingencies. That even the assessee's husband retired as Colonel in Indian Army and is drawing pensions, the children i.e. both son....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder 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 laying down the principle that the Assessing Officer in the assessment order is not required to give detailed reason in respect of each and every item of de....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 judicial and quasi-judicial controversies as it must in other spheres of human activity. [See : Parashuram Pottery Works Co. Ltd. v. ITO[1977] 106 ITR 1 (SC) at pa....