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TaxTMI 
TaxTMI 
TaxTMI 
2023 (7) TMI 1046
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....istry has pointed out that appeal is time barred because impugned order was passed on 01.03.2022 and appeal is being filed before the Tribunal on 16.01.2023, whereas the time limit to file an appeal before the Tribunal is 60 days from the date of communication of the impugned order. After the scheme of Document Identification Number (DIN) launched in the Income Tax Department, then, it is to be presumed that documents would be communicated to the assessee electronically on the day when DIN was generated. It means this order must have been communicated to the assessee on 01.03.2022 itself. In response to the objection of the Registry, the assessee has filed an application for condonation of delay. It has pleaded that though order was shown a....
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....ld. Assessing Officer has disallowed deduction under section 80P(2) on this amount. 5. The ld. Pr. Commissioner has perused the assessment order as well as the record and formed an opinion that during demonetisation period, assessee has deposited a sum of Rs. 65,08,500/- in cash in two Bank accounts, namely Burdwan Central Cooperative Bank Ltd. Rs. 14,62,000/- and Axis Bank Limited Rs. 50,46,500/-. The ld. Pr. Commissioner has observed that these amounts were deposited between 09.11.2016 and 30.12.2016. He further observed that the case was selected for scrutiny to find out the cash deposited by the assessee and ld. Assessing Officer did not conduct any inquiry on this aspect. Ld. Pr. Commissioner after hearing the assessee set aside the a....
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.... verifying this cash, because no questionnaire has been placed on record. Similarly we put to him how this availability of the cash placed before the Tribunal in a paper book could be verified. The verification can be made at the end of the ld. Assessing Officer. Only on these questions, ld. Counsel for the assessee agreed that if matter is relegated to the ld. Assessing Officer for verification of the cash available with the assessee, then, he has no objection. 8. The ld. CIT(DR), on the other hand, contended that once assessee is ready to get its accounts verified at the level of the ld. Assessing Officer demonstrating the availability of the cash, out of which cash deposits were made, then, Revenue has no grievance. 9. We have duly con....
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....ions issued by the Board or by the Chief Commissioner or Director General or Commissioner authorized by the Board in this behalf under section 120; (b) "record shall include and shall be deemed always to have included all records relating to any proceeding under this Act available at the time of examination by the Commissioner; (c) where any order referred to in this sub-section and passed by the Assessing Officer had been the subject matter of any appeal filed on or before or after the 1st day of June, 1988, the powers of the Commissioner under this sub-section shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in such appeal. (2) No order shall be made under sub-section (1....
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....e formed an opinion that such an order is erroneous in so far as it is prejudicial to the interests of the Revenue. By this stage the learned Commissioner was not required the assistance of the assessee. Thereafter the third stage would come. The learned Commissioner would issue a show-cause notice pointing out the reasons for the formation of his belief that action u/s 263 is required on a particular order of the Assessing Officer. At this stage the opportunity to the assessee would be given. The learned Commissioner has to conduct an inquiry as he may deem fit. After hearing the assessee, he will pass the order. This is the 4th compartment of this section. The learned Commissioner may annul the order of the Assessing Officer. He may enhan....
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....O has taken one view with which the CIT does not agree. If cannot be treated as an erroneous order, unless the view taken by the AO is unsustainable under law. (vi) If while making the assessment, the AO examines the accounts, makes enquiries, applies his mind to the facts and circumstances of the case and determine the income, the CIT, while exercising his power under s 263 is not permitted to substitute his estimate of income in place of the income estimated by the AO. (vii) The AO exercises quasi-judicial power vested in him and if he exercises such power in accordance with law and arrive at a conclusion, such conclusion cannot be termed to be erroneous simply because the CIT does not fee stratified with the conclusion. (viii) The ....