TaxTMI 
TaxTMI 
TaxTMI 
2023 (4) TMI 800
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....uru-2, Bengaluru is bad in law, without jurisdiction and void ab-initio and is therefore liable to be quashed. 2. Without prejudice, the order passed on and in the name of erstwhile company Chandelier Tracon Private Limited after its merger is bad in law, erroneous and liable to be quashed. 3. Without prejudice, the very assumption of jurisdiction U/s. 263 of I.T. Act, 1961 by Principal Commissioner of Income tax was not correct and therefore the consequential impugned order passed being bad in law is liable to be quashed. 4. There was no erroneous order at all so as to cause any prejudice to the interest of revenue. There being no earlier erroneous order, the impugned order passed U/s. 263 of I.T. Act, 1961 has no legs to stand an....
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....the this transaction. The details was submitted to AO during the course of scrutiny and was verified by the AO, therefore on fact of the case there is no deemed dividend and there being no error and/or erroneous assessment order, the impugned order U/s. 263 of I.T. Act, 1%1 setting aside the original assessment order is bad in law and is liable to be quashed. 9. In any case the appellant had deposited Rs.5,00,000-00 to bank account during the FY 2014-15. The deposit was made out of opening cash balance. The cash balance as on 31-03-2016 was reflected in the balance as on 31-03-2016 as well as previous year figure on 15-16 in the balance sheet as on 31-03-2017 as required by companies schedule III. The fact %%as examined by AO during the ....
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.... 263 proceedings were initiated on two grounds: 1) To verify the payment made by assessee amounting to Rs.18,06,650/- to a party by the name M/s. Valmark Realty Holding on 03.09.2016 that was not reflecting in the balance sheet or P&L account of the assessee. Also that assessee had received a sum of Rs.18,10,000/- from M/s. Avant Garde Fashion wear Pvt. Ltd. on 01.09.2016 as loans and advances out of which the amount of Rs.18,06,650/- was transferred to M/s. Valmark Realty Holding. It was also observed by the Ld.PCIT that assessee holds 62,240 shares of M/s. Avant Garde Fashion wear Pvt. Ltd. being 32.02% of share holdings. The Ld.PCIT was of the view that applicability of provisions of section 2(22e) has not been verified by the Ld.AO in....
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....oceedings, the Ld.AO issued notice dated 23.05.2019, 22.07.2019 and 05.11.2019, wherein the submissions were made by the assessee. He submitted that, the Ld.AO had called for the annual reports of M/s. Avant Garde Fashion wear Pvt. Ltd. It was also submitted by the Ld.AR, that various details were required by the Ld.AO orally at the time of assessment proceedings and assessee had furnished all the relevant details. It was the contention of the Ld.AR that the issues considered by the Ld.PCIT to exercise the jurisdiction u/s. 263 of the act has already been looked upon by the Ld.AO and therefore the proceedings initiated is bad in law. 6. On the contrary, the Ld.DR submitted that there is no specific query raised by the Ld.AO in the question....
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....omparative analysis of cash deposits, cash sales, month wise cash sales and cash deposits. It also provides that whether in such cases the books of accounts have been rejected or not where substantial evidences of vide variation be found between these statistical analyses. Therefore, it is very important to note that whether the case of the assessee falls into statistical analysis, which suggests that there is a booking of sales, which is non-existent and thereby unaccounted money of the assessee in old currency notes (SBN) have been pumped into as unaccounted money. 7.3 The instruction dated 21/02/2017 requires the assessing officer to verify basic relevant information e.g. monthly sales summary, relevant stock register entries and bank s....
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....st be granted to the assessee. The assessee may be granted physical hearing in order to justify its claim. Accordingly, we direct the Ld.AO to verify the cash deposited in the light of the above circular by granting proper opportunity of being heard to the assessee. 7.6 In sofar as the issue of applicability of provisions of section 2(22e) is concerned, the queries raised by the Ld.AO do not indicate that there is an application of mind in respect of the money paid by assessee to M/s. Valmark Realty Holding and the money deposited by M/s. Avant Garde Fashion wear Pvt. Ltd. with assessee. The share holding of assessee in M/s. Avant Garde Fashion wear Pvt. Ltd. is also not been a subject matter of verification by the Ld.AO. The Ld.AR submit....