TaxTMI 
TaxTMI 
2023 (3) TMI 144
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....er are without prejudice to one another. (2) The Revision Order under section 263 of the Act is bad in law and contrary to the facts of the case. (3) The learned PCIT has erred in concluding that the assessment has been completed without conducting any inquiries/verification or incorrect application of law tantamount to erroneous orders as also order prejudicial to the interest of Revenue. (4) The learned PCIT has erred in passing the order under section 263 of the Act when the subject matter of review is pending before CIT Appeals. (5) The learned PCIT has erred in concluding that the assessment has been completed without conducting any inquiries/verification which is prejudice to the interest of Revenue even though the AO has ....
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.... the books of accounts of the assessee and made addition of only of Rs. 4,99,17,901/- , however, since the partner of assessee firm had disclosed unaccounted income of Rs. 6 crores over and above the regular income of the firm, the AO should have made addition of Rs. 6 crores in place of Rs. 4,99,17,901/-. Further, Principal CIT also observed that on one hand the assessee firm is having huge cash on hand of Rs. 4.79 crores and on the other hand, the assessee firm has inflated its expenses by taking huge capital from partners to the tune of 44 crores and also loan of Rs. 1.17 crores on which interest was paid by the assessee firm. Accordingly, Principal CIT held that the AO while completing the assessment had not examined the facts of the ca....
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....peal against the certain issues and the same are pending adjudication before Ld. CIT(Appeals), then the Principal CIT is precluded from passing order with respect to those very issues which are subject matter of appeal before Ld. CIT(Appeals). 5. In response, DR relied upon the observations made by Principal CIT in the 263 order. 6. We have heard the rival contentions and perused the material on record. From perusal of records produced before us, we observe that the issues raised by Principal CIT in the 263 proceedings have also been considered by the AO during the course of assessment proceedings. A perusal of the pages 2, 3, 7 and 8 of the assessment order shows that the same issues on the basis of which 263 proceedings have been initia....