2020 (3) TMI 1485

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.... directed against the order dated 22-03-2017 passed by the Pr. CIT-1, Aurangabad u/s. 263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2012-13. 2. Briefly stated, the factual matrix of the case is that the assessee filed return declaring total income at Rs.3,60,520/-. The assessment was completed u/s.143(3) of the Act at the returned income. T....

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....a copy of income-tax return of M/s N.K. Developers for the year under consideration highlighting the figure of capital account balance along with the balance sheet of the firm. The assessee also furnished the Permanent Account Number of M/s. Nitin Sales Corporation and submitted that he was regularly assessed to tax at Ahmednagar District. The ld. Pr. CIT held the assessment order to be erroneous ....

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....produced in the impugned order. Not only did the assessee explain the source of payment of Rs.7.00 lakh given to Shri Nitin Bhusare but also gave the Permanent Account Number and other relevant income-tax details of M/s N.K. Developers and also Shri Nitin Bhusare. No infirmity whatsoever was found by the ld. Pr.CIT in such details. Despite that, he proceeded with setting aside the assessment order....