TaxTMI 
TaxTMI 
2022 (12) TMI 1003
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....2012-13:- 1. For that order passed u/s. 263 is bad both in law and in facts. 2. For that Pr CIT was not correct in observing that the AO passed the order u/s. 143(3) without making proper verification and considered it to be erroneous and therefore erred in cancelling the assessment u/s. 263. 3. For that any other ground at the time of hearing of the appeal. 3. When the case was called, none appeared on behalf of the assessee. Perusal of note sheet shows that in the past when the case was fixed for hearing none appeared. We, therefore, deem it proper to adjudicate the appeal on merits ex parte qua the assessee with the assistance of the Ld. Departmental Representative and material available on record. 4. The sole grievance of the as....
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....ritten submissions on 20-03-2017, which is incorporated in the impugned order at page-2. Relevant portion of which is reproduced herein below:- a) Out of Rs. 1,61,03,705/- the amount of Rs. 23,67,023/- deposited on 04/04/2011 is amount of security deposit returned back. b) Out of Rs. 1,61,03,705 the amount of Rs. 2,00,000/- deposited on 13/07/2011 is deposit of earnest money returned back which was given for the purpose to obtain contract work. c) Out of Rs. 161,03,705 the amount of Rs. 9,00,000/- was sent through RTGS which was not materialised therefore, the reverse entry was passed crediting assessee's a/c with the amount of Rs. 9,00,000/-. d) Out of Rs. 1,61,03,705 the amount of Rs. 1,55,050/- was return of security deposit.....
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....63 of the Act. Perusal of the assessment order shows that the Ld. AO rejected the book results and estimated the profits. Estimation of profit is an exercise, which is confined to the P & L account, but if there are any other credits in the bank account or any expenditure debited to the P & L account, which are not in the nature of expenditure then necessary enquiry has to be done about such unexplained credits/investment. 13. Under these given facts and circumstances of the case, we find that since the Ld. AO failed to make any such enquiry in this regard, therefore, we do not find any infirmity in the finding of the Ld. PCIT setting aside the assessment order dt. 19-03-2015 u/s. 143(3) to be framed afresh considering the finding given in....