2025 (4) TMI 201

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....ue involved in this case is regarding assumption of jurisdiction u/s. 263 of the Income-tax Act by ld. PCIT. 3. Facts leading to the filing of present appeal are that the assessee is an individual working as partner in a partnership firm during the year under consideration. Assessee did not file return of income for the year under consideration as he was not having taxable income. Based on AIR information, the case of the assessee was reopened u/s. 147 read with section 148 vide notice dated 27.03.2019. During the course of reassessment proceedings, the Assessing Officer observing that assessee has made certain payments from his credit cards, issued notices u/s. 133(6) dated 27.06.2019 to the concerned banks and verified about the paymen....

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.... assessee at the time of assessment. (iii) Furthermore, on perusal of reply of AXIS bank in response to notice u/s 133(6) of the act, it is found that the assessee maintains as many as 17 accounts with the bank including an account in the name of Home Shoppe Direct Merchandising Pvt. Ltd., only of which statement of accounts has been furnished by the bank. Examination the nature of other bank accounts and calling for their statements were left at the time of assessment. (iv) Further it is found that the assessee in his reply stated that he is a partner in firm M/s Mithoo Lal Hansraj, Ashok Nagar from which he received profit and interest. But no copy of capital account in that firm has been obtained or filed by the assesse....

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....his credit card and verification of these payments is required as assessee did not file any return of income. As observed elsewhere that the Assessing Officer issued 133(6) notice to the banks and also called for the reply from the banks. We observe that the assessee explained that the payments were made on behalf of the company and the company, in turn, reimbursed these expenses to the assessee. The Assessing Officer, satisfied with the reply of the assessee as well as information received from the banks and has taken a pragmatic view and accepted the returned income of the assessee. It is settled position of law that if the point, on which jurisdiction u/s. 148 has been assumed, could not call for any addition, then the Assessing Officer ....