TaxTMI 
TaxTMI 
2023 (9) TMI 888
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....ng grounds of appeal: 1. Learnd PCIT erred in invoking the provisions of Section 263 and in setting aside the assessment order for fresh enquiry. Order passed under Section 263 is unsustainable and is passed without properly appreciating the facts and evidence on record. The assessment order is neither erroneous nor prejudicial to the interest of Revenue. 2. The appellant reserves the right to add, amend or modify any of the ground/s of appeal." 3. At the outset, Registry pointed that the present appeal is barred by limitation by 409 days and Learned AR of the assessee was asked to explain the reason for delay. It was explained that out of 409 days 388 days were covered by the relief in limitation granted by Hon'ble Supreme Court in th....
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....uired by the Assessing Officer by issuing a questionnaire in this respect. While framing the assessment under Section 147 r.w.s 143(3) of the Act, Learned AO also noted that certain information pertaining to deposit of Rs. 21,81,564/- by the assessee during the A.Y. 2014-15 was questioned and duly explained by the assessee that the assessee has a medical shop, wherein the assessee firm is transacting in the purchase and sale of medicines, the assessee is a partnership firm in which Mr. Sandeep Kumar Gupta and Mr. Manav Kumar Gupta are partners. After deliberations, the assessment was completed and return income shown by the assessee firm for Rs. 55,170/- was accepted the Assessing Officer. Subsequently, the case of the assessee was examined....
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....aming fresh assessment order after granting adequate opportunity to the assessee. 5. Aggrieved with the order of Learned PCIT, the present appeal is instituted by the assessee assailing the grounds as extracted hereinabove. 6. At the very outset, the Learned AR of the assessee submitted written synopsis which reads as under: 1. Case was reopened us 148 for verification of source of cash deposit of Rs. 13.20,000/-. Copy of reasons at PN 4 of PB. Such fact mentioned in 1" para of the assessment order. 2. During assessment. AO raised specific query about source of cash deposit, which was explained to be out of sale proceeds of medicine. Relevant observations on 2nd page of assessment order, last para. Query raised vide order sheet entry ....
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....ages passing of revision order "after giving assessee an opportunity of being heard. Before deciding an issue, providing of opportunity to assessee is essential. Absence of opportunity vitiates the validity of revision order. Reliance on: i) CIT vs Amitabh Bachchan (2016) 384 ITR 200, 211 & 212 (SC) ii) Smt. Shardaben B. Patel vs Pr. CIT (2020) 180 ITD 328 (Ahd.) relevant finding at (para no. 6.5 & 6.6 & para no. 6.7). Held vide para no. 6.7 that the matter cannot be set aside to the file of Pr. CIT. 11. On the issue of admissibility of payment of interest to partners of Rs. 5,07,115/-, no direction given by Ld. Pr. CIT to verify this issue. Evident from para no. 5 of revision order. - Case was reopened for verification of cash de....