TaxTMI 
TaxTMI 
TaxTMI 
2023 (9) TMI 691
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....ts acronym "PCIT") i.e. the present appellant under Section 263 of the Income Tax Act, 1961 (For short "Act") had been set aside and the appeal filed by the respondent-assessee was allowed. 2. The factual matrix of the case is that the respondent is proprietor of firm M/s P.K. & Company which was engaged in the business of trading of paddy husk and transportation of goods from the premises of vendors to the premises of the buyers. The assessee had filed his return for the assessment year (A.Y.) 2009-10 on 23.09.2011 at an income of Rs. 8,26,715/-. On 30.03.2016, a notice under Section 148 of the Act was issued by the assessing officer (AO) after seeking approval from the concerned Principal Commissioner of Income Tax and assessment for the....
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.... appeal before the Tribunal which was allowed vide order dated 24.08.2022 and the proceedings conducted by the PCIT under Section 263 of the Act and order dated 29.03.2019 were ordered to be quashed. Dissatisfied by the same, the revenue has preferred this appeal on the grounds that the order dated 24.08.2022 as passed by the Tribunal is not sustainable in the eyes of law as the Tribunal acted into a mechanical manner while passing this order and failed to appreciate the case on merits by proper appreciation of the relevant evidence available on record and without considering the substantial questions of law which had arisen in the case and, therefore, it was prayed that the impugned order dated 24.08.2022 was liable to be set aside. 4. It....
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....s and prejudicial to the interest of the revenue, he may, after complying with the principles of natural justice, pass such order thereon as the circumstances of the case require including the order enhancing or modifying the assessment or cancelling the same and directing fresh one. The well settled proposition of law is that revisional powers conferred on the Commissioner under Section 263 are of wide amplitude and it empowers the Commissioner to make or cause to be made such inquiry as he deems necessary in order to find out, if the order passed by the ITO was erroneous in so far as it was prejudicial to the interest of the revenue. Reference in this regard can be made to Malabar Industrial Company Limited v. CIT, (2000) 2 SCC 718 wherei....
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....sional jurisdiction under Section 263 of the Act had issued show cause notice to the assessee and after considering his reply, had set aside the order of AO and vide his order dated 29.03.2019 (Annexure A-2) and had given direction to the AO to pass fresh order after making necessary inquiries by observing that the Designated Officer of the Excise Department had passed order dated 25.10.2012 to the effect that the purchases shown to be made by the respondent to the tune of Rs. 4,05,57,304/- were bogus ones and had further observed that the appeal filed by the respondent against the order of Designated Officer had also been dismissed and, therefore, the mismatch between the entries qua sale/purchase as recorded in the books of account of the....
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....o accept the same. The AO had framed assessment after reopening of the same pursuant to notice issued under Section 148 of the Act on the ground that there was escapement of income as information had been received from the Excise and Taxation Department regarding bogus purchases of husk being made by the respondent. The AO in his order Annexure A-1 had clearly mentioned that the books of accounts, vouchers, audit report along with audited Trading, Profit and Loss account along with balance sheet of the respondent-assessee had been examined. The order as passed by the AO might not be a detailed one but it stands revealed from the same that he had conducted due inquiry in the matter. It is well settled proposition of law that if there was an ....