TaxTMI 
TaxTMI 
2022 (9) TMI 285
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....1, Kolkata, which is arising from the assessment order dt. 21-03-2016 passed by the DCIT,Circle-3(1), Kolkata framed u/s. 143(3) of the Act. 2. At the time of hearing the registry has informed that the present appeal is time barred by 345 days. The assessee prayed for condonation of the delay. The reasons for such delay are placed on record. In the condonation application the assessee submitted that Mr. Anurag Sharma was going through an unfortunate mental distress during this period as his son Mr. Akhil Sharma aged 21 had met with sudden unfortunate death on 01.04.2018. Therefore, due to this unfortunate incident and in the process of coping up with the loss of his son's premature and sudden death, Mr Anurag Sharma omitted to file t....
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....e assessee. 5. The assessee has raised the following grounds of appeal:- 1. That on the facts and in the circumstances of the case invoking provision of Section 263 of the Income Tax Act, 1961 by the Ld. Principal Commissioner of Income Tax Kolkata- 700001 is bad in law. 2. That on the facts and in the circumstances of the case and in law the Ld. Principal Commissioner of Income Tax, Kolkata 700001 erred in setting aside assessment u/s 143(3) of Income Tax Act, 1961 dated 21.03.2016 without considering the whole facts and the provisions of Income Tax Act, 1961. 3. That the Ld. Principal Commissioner of Income Tax Kolkata 700001 erred in invoking the provisions of Section 263 of Income Tax Act, 1961 for setting ....
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....irected the ld.AO to pass fresh assessment order after considering the observations made in the impugned order of the ld.PCIT. 8. Aggrieved, the assessee is now in appeal before this Tribunal raising four grounds of appeal. Out of which two grounds are general in nature and remaining grounds are challenging the invocation of jurisdiction u/s. 263 of the Act and also challenging the direction of setting aside the assessment order. None present on behalf of assessee. However, the submissions made before the ld.PCIT by the assessee during the course of 263 proceedings of the Act are available on record. Per contra ld.DR vehemently argued supporting the impugned order of the ld.PCIT. 9. We have heard the ld.DR and perused the records plac....
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....e course of proceeding u/s. 263 before the ld.PCIT the assessee failed to file any evidence to support/substantiate the claim of reduced value of closing stock. Perusal of assessment order reveals that no such issue came for consideration before the ld. AO. The assessee refrained from appearing and has not filed any details about the questionnaire issued by the ld.AO and whether any such information was called for by the ld.AO regarding the issue raised/referred in show cause notice u/s. 263 of the Act. 11. We are unable to find any such documents on record, which could show that this issue of decrease in closing stock came up before ld.AO at any point of time. It is a matter of claiming loss of Rs.7,03,24,572/- towards trading business ....