2022 (6) TMI 948

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....er framed u/s 147/143(3) of the Act dated 07.12.2018. 2. When the case was called for, none appeared on behalf of the assessee. In the past, various opportunities have been given and notice through RPAD was sent but no compliance has been given. It seems that the assessee is not interested to persue its appeal. We, therefore, decide to adjudicate the instant appeal with the assistance of ld. D/R and available records. 3. Brief facts of the case are that the assessee is a private limited company engaged in the business of investment in shares and securities. NIL income was declared on 23.03.2013. Assessment order framed u/s 147/143(3) of the Act dated 07.12.2018. Return of income was accepted. Subsequently, ld. PCIT on going through the a....

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....27,00,000/- with M/s. Santosh Agency included Rs.11,00,000/- as received from M/s. Patra Bastraiaya. No cross-verification was done to this effect during the course of assessment. So it remained unexplained and unverified. Therefore, the assessment completed appears to be erroneous in so far as it is prejudicial to the interest of revenue. On the whole the impugned order dated 07.12.2018 passed u/s. 147/143(3) of the Income Tax Act, 1961 prima facie suffers from lack of independent and adequate enquiry on the aforesaid issues." 4. Before ld. PCIT written submissions were filed on 24.02.2021 by the assessee which were considered but not found acceptable by the revisionary authority and directed the ld. AO to pass afresh assessment order c....

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....ify and or alter the grounds at or before hearing." 6. Ld. D/R vehemently argued supporting the order of the ld. PCIT. 7. We have heard ld. D/R and perused the records placed before us. Through this appeal, the assessee has challenged the revisionary proceedings and invoking of jurisdiction u/s 263 of the Act and also raised the ground that ld. PCIT erred in setting aside the order of ld. AO dated 07.12.2018 and directing to pass afresh order. 8. We notice that ld. PCIT referred to two transactions, firstly, transfer of Rs. 11,00,000/- to the assessee's account from M/s. Patra Bastraiaya. Another transaction was of Rs. 27,00,000/- reflecting in the assessee's bank account received from M/s. Santosh Agency on 14.06.2010. Source and nature....