2022 (8) TMI 803

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....r framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 13.11.2019. The grounds raised by the assessee read as under: 1. The order of the Principal Commissioner of Income Tax, Coimbatore - 1, Coimbatore dated 21.02.2022 vide DIN and Order No. ITBA/REV/F/REV5/2021- 22/1039938836(l) for the above assessment year is contrary to law, facts, and in the circumstances of the case. 2. The PCIT erred in assumption of jurisdiction u/s 263 of the Act and consequently erred in passing the revision order by directing the Assessing Officer to invoke the provisions in section 115BE of the Act in relation to the other income as part of the computation of taxable total income without assigning proper reasons and justification. ....

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....hat the scope of section 115 BBE of the Act was restricted to two scenarios for imposing enhanced rate of tax and ought to have appreciated that both the scenarios were absent on the on the facts and in the circumstances of the case, thereby negating the applicability of section 115BBE of the Act. 8. The PCIT failed to appreciate that in any event, substitution of one possible view would not lead to the satisfaction of twin conditions which are the essential prerequisite for assumption of jurisdiction under section 263 of the Act, thus vitiating the entire impugned proceedings. 9. The PCIT failed to appreciate that there was no proper / reasonable opportunity given before passing of the impugned order and any order passed ....

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....by Ld. AO in notice u/s 142(1) dated 03.10.2019 was to file the details of cash deposits during demonetization and source for the same. The assessee submitted sources of funds were as under: - Assessment Year Financial Year 2015-16 2014-15 2016-17 2015-16 2017-18 2016-17 Salary 3,15,000.00 3,32,000.00 3,70,250.00 Other sources       Interest 45,588.00 7,456.00 34,644,.00 Tuition Fees 1,98,000.00 2,14,000.00 2,34,000.00 Commission 3,52,401.00 -- -- Other Income 87,000.00 7,09,000.00 7,55,000.00 Gross Total Income 9,97,989.00 12,62,856.00 13,93,894.00 Agricultural Income   8,41,640.00 9,98,880.00 The assessee also....