2023 (9) TMI 607

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....ving regard to facts & circumstances of the case, Ld. Pr.CIT has erred in law and on facts in setting aside the impugned reassessment order dated 28.12.2017 and directing the assessing officer to examine the issues involved afresh and that too by recording incorrect facts and findings and without observing the principles of natural justice and more particularly when all the details/information/evidences were available on the record at the time of assessment proceedings. 3. That having regard to facts & circumstances of the case, Ld. Pr.CIT has erred in law and on facts in passing the impugned order u/s 263 and that too without providing the opportunity of being heard and in violation of principles of natural justice and without appreciating/considering the various replies, submissions and evidences filed by the assessee. 4. That in any case and in any view of the matter, action of Ld. Pr.CIT in passing the impugned order u/s 263 is bad in law and against the facts and circumstances of the case and is in violation of principles of natural justice. 5. That having regard to the facts and circumstances of the case, Ld. Pr. CIT has erred in law and on facts in....

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..../- in current account of the firm M/s. R.S. Distributor, Navyug Market, Ghaziabad. The assessee had opening capital of Rs. 19,15,411.24 from the previous year; he added Rs. 15,00,000/- to the capital account during the year from saving bank account. 3.4 The Ld. AO observed that the cash deposit of Rs. 22,62,136/- in saving bank account has been verified and found in order. 4. As to the property transaction the assessee explained that he purchased a property of Rs. 70,00,000/- on 23.05.2009 having ½ share in it. He jointly sold part of above property for Rs. 35,00,000/- on 31.07.2009. It was further explained that the assessee sold another property of Rs. 50,00,000/- on 21.08.2009 having ½ share in it and earned capital gain of half of Rs. 50,220/- i.e. Rs. 25,110/- which he declared in his return. 5. The assessee also explained that the property sold on 21.08.2009 of Rs. 50,00,000/- is doubly reported. Therefore, AIR information regarding sale of property of Rs. 1,35,00,000/- is incorrect. It should be Rs. 50,00,000/- & Rs. 35,00,000/- amounting in all to Rs. 85,00,000/-. 6. The explanation offered by the assessee was acceptable to the Ld. AO on both the i....

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....ssed the same in the income of the assessee by the Ld AO . f) That the assessee has shown expenses of Rs 11.12.778- under the head bank charges and interest and also fled the detailed fat of the same during the assessment proceedings which was got vented by the Ld AO, and considered Hence the AO examined the genuineness of these expenses with the documentary evidences g) That as per the list of unsecured loan fed during the assessment proceedings. The assessee filed the confirmations of the concerned persons before the Ld. A.O. Hence proper enquiry was made by the AO during the assessment proceedings on this point and considering the evidences passed the order h) That all the relevant evidences were fled in respect of the above point during the assessment proceeding and after considering them the assessment order is passed by the Ld AO and is not erroneous and prejudicial to the interest of revenue It is therefore requested to kindly consider the documents and evidences filed by the assessee during the assessment proceedings and also prayed not to set aside or cancel the assessment order passed by the A.O. It is further prayed that in ca....

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....n 31.03.2022 under section 144 r.w. section 263 r.w. section 144B of the Act. 14. We have considered the rival submissions and perused the records. It is an admitted position that for AY 2010-11 the assessee who is a wholesaler and distributor of medicines, had filed his return on 09.12.2010 declaring income of Rs. 3,95,130/- and that his case was reopened on the basis of AIR information about cash deposit of Rs. 22,62,136/- and purchase of property for Rs. 70,00,000/- and sale of immovable property of Rs. 1,35,00,000/-. This is evident from the reasons recorded by the Ld. AO (copy of which is at page 20 of the Paper Book). During the course of the assessment proceedings in the questionnaire dated 16.08.2017 (copy at page 22-23 of Paper Book) specific query No. 17 to explain cash deposit of Rs. 22,62,136/- and specific query No. 24 to furnish computation of capital gain arising from sale of property and to explain source of investment towards purchase of property was made. The assessee filed reply which appears at pages 26-28 and 77-78 of the Paper Book. The Ld. AO recorded a finding that cash deposit of Rs. 22,62,136/- in saving bank account has been verified and found in order....