TaxTMI 
TaxTMI 
2022 (6) TMI 934
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....e Tax Act, 1961 which is void ab-initio deserves to be quashed. 2. In the facts and circumstances of the case the learned Pr. CIT, Jaipur-1, Jaipur has erred in holding that the order passed by learned Assessing Officer u/s 143(3) of the Income Tax Act, 1961 dated 27.12.2019 was erroneous and prejudice to the interest of the revenue. 3. In the facts and circumstances of the case the learned Pr. CIT, Jaipur-1, Jaipur has erred in holding that the unsecured loans taken by the assessee are not genuine and creditworthiness is not proved. 4. In the facts and circumstances of the case the learned Pr. CIT, Jaipur-1, Jaipur has erred in holding that the agriculture income earned by the assessee is not genuine. 5.....
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....nary proceedings under section 263 noted from the assessment record that the AO has accepted the agricultural income of Rs. 5,01,200/- even when the assessee has failed to furnish the details/supporting details in respect of the agricultural income earned. The ld. PCIT has also questioned the issue of unsecured loans amounting to Rs. 2,81,63,419/- wherein fresh unsecured loans amounting to Rs. 19,10,000/- were raised by the assessee in addition to the old unsecured loans amounting to Rs. 2,68,47,290/-. In conclusion, he pointed out that an amount of Rs. 32,26,129/- on account of unsecured loans remained unexplained. 3.1. After considering the reply of the assessee, the ld. PCIT has held that the assessment order is erroneous in so far as....
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.... reply furnished before the AO in respect of the cash deposits during demonetarization period and explained that these deposits in the bank were made out of the cash sales towards retail trading of readymade garments. The ld. A/R further stated that the assessee appellant has filed all the details in respect of unsecured loans and cash deposits in the bank before the ld. PCIT in revisionary proceedings under section 263 of the Act. The ld. Counsel has contended that the AO has passed the assessment order after making proper enquiry and scrutiny of the documents submitted by the assessee in respect of unsecured loans, cash deposits made during demonetarization period, agricultural income etc. which was accepted by the ld. AO to his satisfact....
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....mption that something new may come out. (ii) CIT vs. Vikas Polymers (2010) 194 Taxman 57 (Del.) If a query is raised during course of scrutiny by assessment order, which is answered to the satisfaction of Assessing Officer, but neither query nor that order of Assessing Officer calls for interference and revision. (iii) CIT vs. International Travel House Ltd. (2010) 194 Taxman 324 (Del) Whether by passing on order u/s 263, Commissioner had really made an effort to cause a routine inquiry with regard to matter that had already been conducted, such approach of Commission was impermissible. (iii) CIT vs. Anil Kumar Sharma (2010) 194 Taxman 504. Where Tribunal had arrived at a conclusive find....
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.... assessment order and impugned order and the case laws cited before us. Admittedly, the assessee's case was selected for scrutiny under CASS for examination of cash deposits made in the bank during demonetarization period. The AO has issued notice under section 142(1) along with the questionnaire by way of annexure raising details of queries in respect of the cash deposits in the bank made by the appellant during demonetarization period. The AO has noted in the assessment order that the assessee has explained the cash deposits made in the bank during demonetarization period as the cash sales out of the retail trading of readymade garments made during the Deepawali period being the festival season and a peak business period when winter wears....
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....ication in respect of Shri Rao Virendra HUF, Ms. Ruche Jaiman and Shri Shiv K. Jaiman, bank statements were furnished but not for the complete year and in some cases ITRs were not provided. 6.2. It is evident from the assessment order and impugned order that the assessee's case was selected for scrutiny under CASS for examination of cash deposits made in the bank during the demonetarization period. It is prima facie not clear whether it was a limited scrutiny case or a detailed scrutiny case with the approval of the competent authority. To our understanding, it was a limited scrutiny case being selected under CASS for examination of cash deposits made in the bank during demonetarization period and, therefore, the authorities below ought ....