2023 (8) TMI 156

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....YAL, VP : This appeal by the assessee is directed against the order dt. 29-03-2023 passed by the ld. Pr.CIT, Pune-4 u/s. 263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2018-19. 2. Succinctly, the facts of the case are that the assessee has been engaged in the business of manufacturing of plastic injection moulded parts and MS press part....

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....of scrap amounting to Rs. 88.06 lakh was offered for taxation, since no break-up of sale was examined or called for. In addition, he also dealt with certain other issues, which the AO failed to examine. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 3. Having heard the rival submissions and perused the relevant material on record, it is seen from the Audit report in ....

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....included in the total sales of the assessee. There is no specific mention of this amount on the face of Profit and loss account. The AO did not enquire into this aspect of the matter and simply passed a five-lined assessment order observing that the case was selected for Complete scrutiny assessment on the issue of "Non furnishing of quantitative details". Thereafter, he records that "On above iss....

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....sed by the AO `without making inquiries or verification, which should have been made' shall be deemed as an erroneous order insofar as it is prejudicial to the interest of the Revenue. In view of the foregoing discussion, we are satisfied that the ld. Pr.CIT was right in holding the assessment order to be erroneous and prejudicial to the interest of the Revenue justifying revision. 4. In view o....