2021 (10) TMI 1385

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....er s. 143(3) of the Act concerning AY 2015-16 was sought to be set aside for reframing assessment in terms of supervisory directions. 2. As per its grounds of appeal, the assessee has challenged the revisional action of the PCIT whereby the Assessing Officer (A.O.) was directed to pass the assessment order de novo after making enquiries on the points set out in the notice which has already examined and considered during the original assessment proceedings concerning A.Y. 2015-16. The assessee has challenged the assumption of jurisdiction by the PCIT under section 263 of the Act on the ground that the Assessment Order under revision is neither erroneous nor prejudicial to the interest of the Revenue. 3. Briefly stated, the assessee filed i....

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....ies were raised in this regard by the AO in the course of the assessment. The submissions of the assessee to explain the source of purchase of property as presented before the AO is also placed at page nos. 32-33 of the paper book. The AO having been satisfied with the source of investment, after requisite enquiry, accepted the investment. iii) On facts, the assessee jointly purchased the property alongwith four family members and the share of the assessee in the property was only 20% i.e. Rs.20,02,000/-. The source of purchase of property was explained to be existing cash in hand accumulated tide earlier financial year amounting to Rs.13.45 Lakhs as shown in the balance sheet; agricultural income Rs.2.03 Lakhs and advances received on sa....

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....isal of the evidences placed before us, we find that vide notice dated 20.09.2016 and 04.04.2017, specific queries were raised by the AO seeking details and source of investment in the property purchased during the year. In response, the assessee has filed replies dated 11.04.2017 explaining the relevant facts towards source of money utilized for purchase of her share in property amounting to Rs.20,02,000/-. The source of investment was corroborated by evidence. It is trite that the PCIT cannot pass revisional order to direct the AO to make some fuller and extended enquiry desired in the opinion of the revisional authority. In such a situation, where there appears to be inadequacy to the PCIT in the manner of enquiry, he himself should emba....