2023 (6) TMI 174

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.... 1. That learned PCIT, erred in law and facts by initiating the provisions of Sec-263 of Income Tax Act, as the order of A.O is not erroneous and not prejudicial to the interest of Revenue. 2. That the learned PCIT erred in law and on facts by initiating order u/ s 263(1) of Income Tax Act, and setting aside the order of A.O Dt-13/11/2017 passed u/s 143(3)/147 of Income Tax Act 3. That the learned PCIT erred in law and on facts by initiating order u/s 263(1) of Income Tax Act setting aside order of A.O Dt. 13/11/2017 passed u/s 143(3)/147 of Income Tax Act, as A.O himself rectified his order u/s 154 on 14/02/2020 and added Rs.2059000/ - to the income, based on audit objections 4. That the Appellant denies his liab....

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....not explanation was submitted during the assessment proceedings." The Ld. PCIT was of the opinion that, the assessment order passed u/s 143(3)/147 of the Act is prima facie erroneous in so far as it is prejudicial to the interest of the Revenue, accordingly initiated proceedings u/s 263 of the Act and vide order dated 15/03/2021 set aside the assessment order dated 13/11/2017 passed u/s 143(3)/147 of the Act for the Assessment Year 2010- 11 and restore to the file of A.O. for making fresh assessment with a direction to make necessary enquiry into the details of addition of Rs. 20,59,000/-. 4. Aggrieved by the order of the PCIT 15/03/2021 the assessee preferred the present Appeal on the grounds mentioned above. 5. The Ld. Counsel fo....

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....rn an addition of Rs.20,59,000/- has been made in F.Y. 2009-10 and the same was not considered at the time of passing of assessment order. To rectify the mistake, notice u/s 154/155 dated 09.09.2019 fixing the case for 23.09.2019 was issued to the assessee. In response to this notice, assessee did not file any reply, it implicate that the assessee has nothing to say in this regard. Therefore, mistake being apparent from record is rectified u/s 154 of I T Act. With these observations, the taxable income and tax liability of the assessee is recalculated as under:- Income assessed vide order dated 13.11.2017 : Rs. 6,60,820/- Add as discussed above : Rs.20,59,000/- Total taxable income : Rs. 27,19,82....