2022 (11) TMI 424

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....araghavan , Advocate Respondent by : Shri Clement Ramesh Kumar , CIT ORDER PER V. DURGA RAO , JUDICIAL MEMBER : This appeal filed by the assessee is directed against the order of the ld. Principal Commissioner of Income Tax, Coimbatore, dated 27.03.2021 relevant to the assessment year 2016-17 passed under section 263 of the Income Tax Act, 1961 ["Act" in short]. 2. Facts are, in bri....

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....der passed under section 143(3) of the Act is erroneous and prejudicial to the interest of the Revenue. Accordingly, the ld. PCIT set aside the assessment order and directed the Assessing Officer to carry out fresh assessment in accordance with law after giving an opportunity of being heard to the assessee. 4. On being aggrieved, the assessee carried the matter in appeal before the Tribunal and....

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....ment order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue and the ld. PCIT has correctly exercised the power conferred under section 263 of the Act and prayed for upholding the revision order. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. In this case, the assessment was c....

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....ined properly in respect of unsecured loans received from M/s. Rams Estate for the assessment year 2016-17. The ld. DR has filed a copy of the return of income for the assessment year 2016-17 in respect of M/s. Rams Estate, wherein, under Col. 3 (b) - Loans and advances, no details were mentioned. Therefore, considering the return of income of M/s. Rams Estate, we are of the considered opinion tha....