2023 (6) TMI 40

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.....03.2022 passed under section 263 of the Income-tax Act, 1961 by learned Principal Commissioner of Income-tax (PCIT)-1, Delhi pertaining to the assessment year 2017-18. 2. When the appeal was called out, no one appeared for the assessee. Even, there is no application on record seeking adjournment. On perusal of record, it is observed that on the previous date of hearing, i.e., 27.02.2023, when th....

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....For the assessment year under dispute, the assessee filed its return of income on 12.10.2017 declaring income of Rs.29,97,630/-. Assessee's case was selected for scrutiny and assessment was completed vide order dated 14.06.2019 passed u/s. 143(3) of the Act accepting the income returned by the assessee. After completion of assessment, as aforesaid, ld. PCIT called for and examined the assessment r....

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.... sheet of the companies, whose shares were claimed to have been sold. He observed, the Assessing Officer also failed to ascertain the fact whether the sale consideration was correctly shown by the assessee. He also pointed out deficiencies regarding the initial payments. He observed, the Assessing Officer also failed to examine whether the assessee had actually purchased a flat before allowing ded....

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....erused the materials on record. As can be seen from the impugned order of ld. PCIT, he has noted various deficiencies in the assessment order, in the sense that, before accepting the long term capital gain and deduction claimed u/s. 54F of the Act thereon, the Assessing Officer has not made any effective enquiry at all. The aforesaid allegation of the Revisionary Authority remains uncontroverted b....