TaxTMI 
TaxTMI 
2024 (12) TMI 1263
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.... delay. The delay is condoned and appeal is admitted for hearing on merit. 4. The assessee has raised the following grounds in appeal as under: 1. That Ld. Pr. CIT has erred in law as well as on facts in setting aside the assessment order passed by AO on 21-12-2017 u/s 143(3) of the IT Act, 1961 because: (a) neither the assessment was erroneous nor pre-judicial to the interest of revenue as the same was passed after due examination and scrutinizing the case and thereafter only huge addition of Rs. 1,32,45,855/- u/s 68 and or Rs. 5.61,405/- u/s 69C of the IT Act. were made. (b) He did not appreciate that as per decision of Apex Court, both the limbs are required to be fulfilled and merely because of difference of opinion between him and the assessing officer on certain issues, the assessment cannot become erroneous. (c) He did not appreciate that assessee belongs to an affluent family and availability of cash for deposits was already appreciated by the AO in the original assessment and it cannot be re-examined on the same set of facts without bringing any material on record contrary to what was submitted by the AO. 2. That the order u/....
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....ter Kailash-II, New Delhi. iii) The Demat Account details of the assessee have been received for the period 01.04.2013 to 31.03.2016. It was observed that the assessee had sold & dealt with various other shares including of Central Bank Of India, Global Corporation Limited ( Transaction of 5,75,100 shares by you), Reliance Power Limited, Tulsyan Nec Ltd. etc: during the relevant previous year but these are not reflected in assessee's income, ITR & details filed in the assessment proceedings. In view of afore-stated discussion, it is clearly evidenced that the Assessing Officer failed to make enquiries/verification which should have been made for determining the correct total income u/s 143(3) of the Income Tax Act; in terms of not enquiring into source of cash deposits and all securities/stock/share transactions during the year, the source and income resulting thereof." 9. We find that the notice under Section 142(1) of the Act dated 18-10-2017 was issued and served upon the assessee to which, on 02-11-2017 the assessee filed a detailed reply submitting copy of reply filed by assessee before assessing officer, copy of acknowledgment slip dated 01-01-2013, c....
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....the law". "Erroneous assessment" refers to an assessment that deviates from the law and is, therefore, invalid, and is a defect that is jurisdictional in its nature, and does not refer to the judgment of the Assessing Officer in fixing the amount of valuation of the property. Similarly, "erroneous judgment" means "one rendered according to course and practice of court, but contrary to law upon mistaken view of law; or upon erroneous application of legal principles". 12. From the aforesaid definitions it is clear that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have been written more elaborately This section does not visualize a case of substitution of the judgment of the Commissioner for that of the Income-tax Officer, who passed the order unless the decision is held to be erroneous, Cases may be visualized where the income-tax Officer while making an assessment examines the accounts, makes enquiries, applies his mind to the facts and circumstance....
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....ized. There must be material available on the record called for by the Commissioner to satisfy him prima facie that the aforesaid two requisites are present. If not, he has no authority to initiate proceedings for revision. Exercise of power of suo motu revision under such circumstances will amount to arbitrary exercise of power. It is well-settled that when exercise of statutory power is dependent upon the existence of certain objective facts, the authority before exercising such power must have materials on record to satisfy it in that regard. If the action of the authority is challenged before the court it would be open to the courts to examine whether the relevant objective factors were available from the records called for and examined by such authority. The Income-tax Officer in this case had made enquiries in regard to the nature of the expenditure incurred by the assessee. The assessee had given detailed explanation in that regard by a letter in writing. All these are part of the record of the case. Evidently, the claim was allowed by the Income-tax Officer on being satisfied with the explanation of the assessee. Such decision of the Income tax Officer can....
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.... the case of Shri Rishabh Jhunjhunwala (PAN-AEUPJ8955M) for A.Y. 2015-16-Reg Ref: कोष रेनो à¤à¤£à¥à¤¡ INCOlder passed thisRIMENT Assessment 21.12.2017 for A.Y 2015-16. 3(3) of Income-tax Act on ******* In this case, return of income for A.Y. 2015-16 was e-filed on 25.08.2016 therein declaring income, of Rs. 7,25,000/-. The case was selected for completed u/s 143(3) of I.Tax Act, 1961 on 21.12.2017, assessing the total income at Rs. 1,45,32,260/- after making following additions:- 2. 1. Addition of Rs. 1,32,45,855/- u/s 68 of 1. Tax Act, 1961 on account of accommodation entries. 2. Addition of Rs. 5,61,405/- u/s 69C of the I.Tax Act, 1961 on account of undisclosed commission expenses. On perusal of assessment records revealed that during the year under consideration there are few cash deposits amounting to Rs. 8,35,000/- in bank accounts of the assessee and in PPF account of his minor son Sh. Avir jhunjhunwala (D.O.B. 25.02.2015). The details of cash deposits are as under:- Sr. No. Detail of bank account Date of Amount deposit Note: If digitally si....
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....e provisions of section 263 of 1.Tax Act on the basis of submissions/facts available on record. MUKESH MITTAL PCIT 1,DELHI (in case the document is digitally signed please refer Digital Signature at the bottom of the page) कोष मूलो दणà¥à¤¡ INCOME TAX DEPARTMENT Document 2 To, Income Tax Officer, Ward 1(2), New Delhi. Dear Sir, Ndj 10/11 Reg:Rishab Jhunjhunwala - Asstt. Year 2015-16 02-11-2017 (22) We are in receipt of notice u/s 142 dated 18-10-2017.In this connection it is stated as under: 1. Computation of income is attached as Annexure 1.The assesses does not need to get his accounts audited therefore no audited accounts are attached. The assesses does not maintain any books of account. 2.Detail of companies: 31-03-2015 31-03-2014 Aadya Overseas Ltd. Director Director Ascorp Global Ltd. Director Director SRI Mansion Pvt.Ltd. Director Director BDSK Developers Pvt. Ltd. Director BDSK Developers Pvt.Ltd Director Aryaman Promoters Pvt. Ltd. Director Director 3. Bank statement of HDFC Bank is enclosed a....