TaxTMI 
TaxTMI 
2024 (9) TMI 578
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....) dated 18.12.2019 is erroneous and prejudicial to the interest of revenue by invoking the provision of section 263 of the Act and thereby directing the Assessing Officer to pass fresh assessment order, 1.1 The Principal CIT further erred in law and on fact in holding that Assessing Officer has not made any verification or inquiry in respect of gift received by the assessee of Rs. 2 crores." 3. The assessee is a real estate dealer, developer and derives income from business and rent on properties. The assessee filed return of income on 07.11.2017 showing current year loss at (-) Rs. 46,38,276/-. Subsequently, the case was selected for complete scrutiny and notice under Section 143(2) of the Income tax Act, 1961 was issued on 09.08.2018. ....
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....same, the PCIT set aside the directions of the Assessing Officer and directed the Assessing Officer to pass fresh Assessment Order after taking into consideration the issues as mentioned in the order passed under Section 263 of the Act dated 21.03.2023. 4. Being aggrieved by the Order under Section 263 of the Act, the assessee filed appeal before us. 5. The Ld. AR submitted that at the time of assessment proceedings under Section 143(3) of the Act the assessee has categorically given the details and replied the query of the Assessing Officer vide submissions dated 30.11.2019 thereby stating that the increase in capital, the bifurcation given in the Balance Sheet categorically mention that the addition of Rs. 4,00,07,975/- was on account o....
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....ue as envisaged under Section 263 of the Act. 6. The Ld. DR relied upon the order of the PCIT passed under Section 263 of the Act. The Ld. DR further submitted that the Assessing Officer has not conducted any enquiry and only rendered Bank Account of the assessee. As relates to the decisions referred by the Ld. AR, the Ld. DR submitted that the Hon'ble Gujarat High Court's decision will not be applicable in assessee's case as the NRE Account is that of the assessee and not that of other person. The Assessing Officer should have referred the FDR transaction but has not made any enquiry. The Ld. DR relied upon the decision of Hon'ble Apex Court in the case of CIT vs Amitab Bachchan (order dated 11.05.2016) whereby it is held that even if the....