TaxTMI 
TaxTMI 
2022 (4) TMI 156
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....he case are that the assessee is an individual, engaged in real estate business, deriving income from salary, house property, income from business and other sources. The assessee filed return of income for the A.Y. 2016-17 declaring income of Rs. 5,56,45,410/-. Subsequently, the case was selected for scrutiny by CASS. After issuance of notice, the assessment was completed u/s. 143(3) of the Act on 21.12.2018. The Ld. Pr. CIT initiated proceedings u/s. 263 of the Act, examined the assessment records and found that the assessment order was passed without making any enquiries or verification. Therefore, the assessment order is considered as erroneous and prejudicial to the interest of the revenue. A show cause notice u/s. 263 was issued and se....
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....iated vide show cause notice dated 02-02-2021 under the premise of the impugned assessment order being erroneous and prejudicial to the revenue. As such the proceedings are bad in law and not conferring to the requirement u/s. 263 of the Act. 4. The points raised in the impugned show cause notice are not errors and/or not prejudicial to the interest of Revenue more so clause (a) of Explanation 2 to Section 263(1) of the Act is not applicable to the Appellants case. 5. Under the facts and circumstances of the Appellant's case, the error envisaged to be raised by the Revisional Authority is the result of either a possibility or guess work or both or suspicion, but not an error of fact or law. 6. Under the facts and circumstances of ....
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....on of the assessee that the Ld. Pr. CIT has not given any opportunity to the assessee to substantiate his claim. It was the further submission of the assessee that due to COVID pandemic, the assessee or his Counsel could not attend before the Ld. Pr. CIT. Therefore, pleaded for one more opportunity of being heard to the assessee before the Ld. Pr. CIT to substantiate his case. 4. On the other hand, the Ld. DR submitted that notice was sent to the assessee through e-mail, but the assessee did not respond for the same, therefore, there was no other option for the Ld. Pr. CIT, except to pass the order. The Ld. DR strongly relied on the order passed by the Ld. Pr. CIT u/s. 263. 5. We have heard both the parties and perused the material placed....