TaxTMI 
TaxTMI 
2022 (6) TMI 112
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...., no one appeared on behalf of the assessee to represent its case. There is no application for seeking adjournment either. On perusal of the record, we find that notice of hearing scheduled on 10/01/2022 was issued by the registry of the Tribunal on 02/12/2021 to the assessee. However, no one appeared for/on behalf of the assessee on 10/01/2022 and appeal was adjourned to 07/03/2022. Notice was again directed to be issued to the assessee through learned Departmental Representative ("learned DR") for the hearing scheduled on 07/03/2022. We find from the record that the said notice was received by the assessee on 21/01/2022, copy of acknowledgement has been filed by the office of learned DR. In view of the above and considering the nature of ....
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....under section 143(3) of the act dated 22.12.2018, erroneous and prejudicial to the interest of the Revenue u/s. 263 of the Income Tax Act, 1961 on the issue of genuineness of claim of other expenses amounting to Rs. 1,23,63,820/- by ignoring the fact that the Learned Assessing Officer has called for information on this issue and thereafter made full inquiry during the proceedings u/s. 142(1)/143 (3) of the Income Tax Act, 1961 and the submission was made on 17.12.2018 thereby rendering the notice and the subsequent order u/s. 263 of the Income Tax Act, 1961 merely a change of opinion and bad in law." 4. The only grievance of the assessee in the present appeal is against the order dated 24/03/2021 passed by the learned PCIT under section 26....
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.... Return of Income filed) Losses of current year to be carry forward of Rs. 4,74,495/-." 6. The learned PCIT vide notice issued under section 263 of the Act, noted as under: "1. The case was selected for scrutiny under the CASS to examine the following issues:- Reason Code Reasons Description Issue BE01.04 Very low PBDIT Ratio in specific business code and turnover range (Part A-P & L) Whether deduction claimed on account of business expenses is admissible BL05.01 Large increase in unsecured loans during the year (Part A-BS of ITR) Whether unsecured loans are genuine and from disclosed sources BA01.02 Large difference in the opening stock of current year and closing stock of previous year shown in P&L A/c as per return of inc....
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....r hearing were issued through ITBA, speed post and also shared in e-proceeding in e-filing portal but the assessee neither attended nor submitted any reply to the notice issued under section 263 of the Act. 8. In view of the above, learned PCIT passed the order on the basis of material available on record. Vide impugned order dated 24/03/2021, the learned PCIT noted that the Assessing Officer during the course of assessment proceedings did not examine the genuineness of the transaction and capacity of the loan creditors of new loans added during the year. The learned PCIT further observed that the Assessing Officer did not even call for confirmations of loan transactions from the purported loan creditors. Accordingly, the learned PCIT held....