2024 (2) TMI 53

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.... ORDER 1. Heard Shri Gaurav Mahajan, learned counsel for the revenue and Shri Ankur Agarwal, learned counsel for the assessee. 2. Present appeal has been filed by the revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) arising from the order of the Income Tax Appellate Tribunal, Agra Bench, Agra dated 25.07.2023 passed in I.T.A. No. 148/AGR/2017 for....

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....sessing officer as to the source of Rs. 80,00,000/- available to M/s Sanwaria Trade Link Pvt. Ltd. It is true, the observations made by the Principal Commissioner are generally relevant considerations. What may have however completely missed the attention of the PCIT is, in any case, other than the hypothetical circumstance of such transactions being disbelieved, if due enquiry being made, no coge....

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....egard too. In response to queries raised, in the course of the assessment proceedings, the Assessee had filed all material particulars. The CIT has thus acted casually. Therefore, exercise of supervisory jurisdiction is wholly unjustifiable on the issue without making reference to circumstances which warrants necessity of some more enquiries. The Assessing Officer, in the instant case, has made en....

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....3 of the Act in every case. The Ld. CIT has of so invoked provisions of section 263 including explanation 2 (a) which is effective from 01.06.2015 and it cannot be applied in the current assessment year. Hence, the Ld. CIT's reference to explanation 2(a) does not support the case of the Revenue. This is not a case of non-inquiry, the AO has made inquiry and on the touchstone of the aforesaid c....