2023 (10) TMI 691

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....tion of the revised jurisdiction by the ld. PCIT u/s 263 of the Income Tax Act, 1961 (in short 'the Act') whereby he has set aside the assessment order passed by the Assessing Officer (in short 'the AO') holding the same as erroneous and prejudicial to the interests of the Revenue and has further directed the AO to pass a fresh assessment order. 3. The brief facts of the case are that the assessee is a Doctor/Medical Practitioner by profession and has been returning his income from medical profession. A survey action was carried out by the Income Tax Department on the premises of the assessee u/s 133A of the Act on 26.09.2016. During the survey action, the Survey Party noted that certain income of the assessee was not accounted, the deta....

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....ters issued by the AO and the reply thereof, filed by the assessee before the AO to submit that the necessary enquiries were made by the AO before accepting the surrendered income as professional income of the assessee. He has further submitted that there was no evidence or allegation that the assessee has any other source of income apart from the medical profession. The ld. counsel, in this respect has relied upon page 34 of the Paper Book to submit that the assessee has explained before AO that net profit rate of the assessee had increased from year to year. That it was duly explained to the AO that the cash found and the amount of Rs. 25 lacs incurred on the addition of the building were out of the additional professional income surrende....

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....ecord. Firstly, it is to be noted that statement relied upon by the ld. DR of the assessee is dated 26.09.2016. We find, though, the assessee in answer to the relevant queries has stated that "At present, I am unable to explain the source of said cash" and further, "At present, I am not in a position to explain the discrepancies confronted to me", however, the assessee in the said statement finally offered the said amount as his additional income over and above his normal income of the current Financial Year. Further, the assessee at the same time, also confirmed to the Survey Team by writing a letter of the same date i.e. 26.09.2016 whereby, he has specifically mentioned that the source of the entire surrendered income was out of his medic....