TaxTMI 
TaxTMI 
2024 (4) TMI 744
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.... confirming the order passed by Assessing Officer under section 154, is bad both in the eye of law and on facts. 2. (i) On the facts and circumstances of the case, the Ld. CIT(A) has erred both on facts and in law in confirming the order under section 154 of the Act, ignoring the fact that the issue in question is not a mistake apparent from record, hence, not rectifiable under section 154 of the Act. (ii) That the Assessing Officer has attempted to review his own order passed under section 143(3) of the Act, which is not permissible under section 154 of the Act. (iii) That an issue which can be resolved through a long drawn process cannot be said to be a mistake apparent from record. 3. On the facts and circumstances of the case, t....
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....r 11.08.2017 requiring the assessee to furnish the necessary evidence of sources of investment, which have been complied with by the assessee and his counsel Shri ML Kataria, Advocate and Shri Umed Singh, son of the assessee. Necessary information, bank statements have been furnished and examined. After examination of relevant information, and discussion made with the Counsel for the assessee, the assessment has been completed and returned income has been accepted as assessed." 3. After the completion of assessment, the AO observed that following mistakes apparent from the assessment order dated 03.10.2017 needed to be rectified u/s 154. "The case was opened to check the source of investment of Rs. 70,83,900/- (Rs. 6863000 price of land ....
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....were made after purchase of land and therefore this is not possible to divert the amount of sale deed executed later on for purchase of land executed earlier. Further, neither ikarnama (agreements) in support of taking advance amount on account of sale of land on those respective dates were available nor such fact regarding payment of advance amount and balance amount paid at the time of execution of sale deed was mentioned in the document. In the absence of which complete source of investment for purchase of said property cannot be justified. Due to undisclosed source of investment of Rs. 50,00,000/- (Rs. 70,83,900 - Rs. 20,83,900) available at time of purchase of land) it should be added in the returned of the assessee. Unexplained sourc....
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....y was not properly explained by the assessee during the year under consideration, there is a mistake apparent from record reviewable under section 154 of the Act. An addition of Rs. 50,00,000/- was made by AO in his order dated 14.07.2021 and in appellate proceedings the Ld. CIT(A) dismissed the appeal of the assessee. It was the further contention of the Ld. AR that from the records it transpires that the source of the investment which was accepted by AO in his original assessment order cannot be revised in an order under section 154 of the Act as it cannot be said to be a mistake apparent from record. It is a clear case of review of the order by AO which is not permitted under the law. On the same set of facts and evidences AO wants to ch....
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.... proceedings u/s 147 r.w.s 143(3) of the Act vide his order dated 03.10.2017 accepting the income returned as assessed by observing that "Statutory notices under section 143(2) and 142(1) dated 09.08.2017 alongwith detailed questionnaire were issued for 11.08.2017 requiring the assessee to furnish the necessary evidence of sources of investment, which have been complied with by the assessee and his counsel Shri ML Kataria, Advocate and Shri Umed Singh, son of the assessee. Necessary information, bank statements have been furnished and examined. After examination of relevant information, and discussion made with the Counsel for the assessee, the assessment has been completed and returned income has been accepted as assessed." The aforesaid f....