2022 (8) TMI 1386

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....hri Duvvuru RL Reddy, Judicial Member : This appeal is filed by the assessee against the order of the Principal Commissioner of Income Tax [in short 'Pr.CIT], Rajahmundry in F.No.15/263/Pr.CIT/RJY2018-19 dated 31.03.2019 for the Assessment Year (A.Y.) 2014-15. 2. Brief facts of the case are that the assessee is trading in liquor and poultry business and filed his return of income on 30.11.2014,....

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....e as the same was passed without making proper enquiries or verification. The Ld.Pr.CIT has directed the AO to redo the assessment as per law. 3. On being aggrieved, the assessee preferred an appeal before the Tribunal and raised the following issues : 1. The order passed u/s 263 is barred by limitation. 2. The Pr.CIT has passed the order u/s 263, though the AO has passed the order u/s 143(3....

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.... the submission of the Ld.DR that the assessee acquired poultry farm by investing Rs.1,66,95,370/-. While explaining the sources, the assessee had submitted that he has taken a term loan of Rs.60 lakhs for the purpose and has also withdrawn an amount of Rs.94.40 lakhs from an AOP by name M/s Ramu Poultry Farm at Siddantham Village. But the AO has finalized the assessment without verifying the iden....