TaxTMI 
TaxTMI 
2024 (11) TMI 915
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....023 for the A.Y. 2017-18. 2. The grounds of appeal filed by the assessee are as under : "1. The order of the learned Principal Commissioner of Income- Tax is erroneous both on facts and in law. 2. The learned Principal Commissioner of Income-Tax erred in holding that the tax payable in respect of Rs. 28,20,100/- is as per the provisions of Sec. 115BBE of the I.T. Act and whereas the said amount is taxable only as a professional receipt. 3. The learned Principal Commissioner of Income-Tax ought to have observed the fact that the income of Rs. 28,20,000/- represents the receipt against the professional services rendered and was admitted as such in the return of income filed. 4. The learned Principal Comm....
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....sh as his income from other sources. Subsequently, the Learned Assessing Officer ("Ld. AO") after recording satisfaction that the undisclosed income in the form of seized cash belongs to the assessee, a notice u/s. 153C of the Act was issued to the assessee on 29.03.2021. In response to the said notice, the assessee filed ROI on 09.04.2021 declaring a total income of Rs. 1,57,17,600/- which includes the income declared towards cash seized under the head 'income from other sources'. The case of the assessee was selected for scrutiny and notice u/s. 143(2) of the Act was issued by Ld. AO on 21.10.2021. After considering the submission of the assessee, the Ld. AO completed the assessment u/s. 143(3) r.w.s. 153C of the Act on 30.12.2021 accepti....
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....ves for their residential and commercial real estate projects". Therefore, the Ld. AR finally submitted that as the assessee had already explained properly the sources of seized cash, the same cannot be treated as unexplained income u/s. 69A r.w.s. 115BBE of the Act. Therefore, he prayed before the bench to quash the order passed by Ld. PCIT(C). 5. Per contra, the Learned Department Representative ("Ld. DR") relied on the order of Ld. PCIT(C) and reiterated to uphold the same. 6. We have heard the rival contentions and also gone through the record in the light of the submissions made on either side. The main dispute before us is whether the seized cash shown by the assessee under the head 'income from other sources' will be treated as....
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....itted that the invocation of proceedings u/s. 263 of the Act is bad in law and is liable to be quashed. He submitted that the seized cash had already been explained to Ld. AO during the assessment proceedings and after verification of the same, the Ld. AO had taken one of the possible view. He further submitted that if two views are possible and the Ld. AO had adopted one of the view, the order of the Ld. AO cannot be treated as erroneous causing prejudicial to the interest of revenue and therefore in that case section 263 of the Act cannot be invoked. Finally, the Ld. AR prayed before the bench that the invocation of section 263 by Ld. PCIT(C) is bad in law and is therefore required to be quashed. 8. Per contra, the Learned Department R....
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....ub-section,- (a) an order passed on or before or after the 1st day of June, 1988 by the Assessing Officer ^82[or the Transfer Pricing Officer, as the case may be,] shall include- (i) an order of assessment made by the Assistant Commissioner or Deputy Commissioner or the Income-tax Officer on the basis of the directions issued by the Joint Commissioner under section 144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer ^82[or the Transfer Pricing Officer, as the case may be,] conferred on, or assigned to, him under the orders or directions issued by the Board or by the Principal Chief Commissioner or Chief Commissioner or Principa....
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....y relief without inquiring into the claim; (c) the order has not been made in accordance with any order, direction or instruction issued by the Board under section 119; or (d) the order has not been passed in accordance with any decision which is prejudicial to the assessee, rendered by the jurisdictional High Court or Supreme Court in the case of the assessee or any other person. ^83[Explanation 3.-For the purposes of this section, "Transfer Pricing Officer" shall have the same meaning as assigned to it in the Explanation to section 92CA.] (2) No order shall be made under sub-section (1) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed. ....