2022 (7) TMI 483

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....DR ) ORDER PER S. BALAKRISHNAN , ACCOUNTANT MEMBER : This appeal is filed by the assessee against the order of the Principal Commissioner of Income Tax (Pr. CIT), Rajahmundry in F. No. 15/263/P.CIT/RJY/2018-19 dated 31.03.2019 for the Assessment Year (A.Y.) 2014-15. 2. Brief facts of the case are that the assessee is an individual, engaged in trading of chemical products with the name and styl....

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....ivasa Rao of Rs. 93,00,000/- was shown as negative. Secondly, the assessee has taken an amount of Rs. 3,00,000/- from Sri Sunkara Sita Rambabu for the purpose of investment in the business as a partner. The assessee retained the amount with him as the partnership business proposal has not come into existence. The assessee stated that Sri Sunkara Sita Rambabu has not given confirmation letter as he....

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....3. Subsequently, the Ld. Pr. CIT has taken up the case for revision u/s. 263 and after careful examination of the assessment records, the Ld. Pr. CIT set aside the assessment to the file of the AO with a direction to redo the assessment after making thorough enquiries and obtaining relevant information to ascertain the genuineness and existence of AOP, purpose of creation of AOP, identity of membe....

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....the transaction between the AOP and the assessee. 6. The learned Pr. CIT, Rajahmundry is not justified in initiating the proceedings u/s. 263 without considering the facts and circumstances of the case. 7. For the above and other grounds that may be urged at the time of hearing the present appeal is preferred. None appeared on behalf of the assessee, inspite of many opportunities being given ....