TaxTMI 
TaxTMI 
TaxTMI 
2025 (5) TMI 11
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....rounds of appeal:- "1. On the facts and in the circumstances of the case, the order passed by the learned Pr. CIT, Ahmedabad-3 u/s. 263 of the Income-tax Act, 1961 is void and bad-in-law. 2. On the facts and in the circumstance of the case, the learned Pr. CIT erred in setting aside the assessment order dated 31.12.2019 passed by the Income Tax Officer - Ward 3(1)(2), Ahmedabad, and directing the Assessing Officer to pass a fresh Assessment Order. 3. On the facts and in the circumstances of the case, the learned Pr. CIT erred in passing his order without giving proper opportunity based on farfetched imagination being whims and in absence of cogent material and directing the Assessing Officer to pass a fresh assessment order. 4. T....
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....is capital account, which the assessee was not entitled as per the terms of the Will. The assessee has not submitted any basis of such distribution and why the entire amount of assets amounting to Rs.41,10,888/- was credited in the capital account by the assessee. Accordingly, Principal CIT held that the aforesaid amount represented unaccounted income of the assessee, which ought to have added in the hands of the assessee as his unexplained income. Further, Principal CIT observed that the assessee had received an unsecured loan amounting to Rs.6,15,00,000/-, which has been squared up during the year. During the year, there was receipt of Rs.4,50,00,000/-, however, no documentary evidence were submitted by the assessee to prove the genuinene....
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.... the assessee and his mother. Regarding the source of the gift, the assessee stated that the amount was out of previous investments made in LIC and Mutual Fund schemes, the redemption of which occurred on 16.05.2016 and 23.05.2016. The assessee submitted copies of the redemption statements issued by LIC Mutual Fund and also explained that the credit entries in his mother's account were received via RTGS from LIC Mutual Fund. The assessee further stated that his mother had duly offered the capital gains from these transactions in her ITR for AY 2017-18. Regarding the balance amount of Rs. 1.65 crore, the assessee contended that he had been making payments to his mother for her maintenance and livelihood, which were shown as advances rece....
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....to the interest of the Revenue. 4. The assessee is in appeal before us against the aforesaid order passed by Principal CIT. So far as receipt of gold bars worth Rs.41,10,889/- is concerned, the counsel for the assessee submitted that the assessee had submitted ledger copy of capital account before the Assessing Officer vide submission dated 26-12-2019 against show-cause notice issued by the assessing officer dated 23-12-2019 and accordingly, the issue had been examined during the course of assessment proceedings itself. Further, the assessee had submitted copy of capital account along with the ledger copy of 24CT gold bar and submitted that this amount was received by the assessee from his mother Kantaben Patel pursuant to Will dated 11-01....
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.... the assessee submitted that in the entire transaction referred to above, all the transactions took place through banking channels and no cash payment was involved. Accordingly, looking into the instant facts, there is no question of initiating proceedings under section 263 of the Act. 5. In response, the Ld. DR placed reliance on the observations made by Principal CIT in the 263 order. 6. We have heard the rival contentions and perused the material on record. On going to the facts of the instant case, we are of the considered view that this is not a fit case for initiating proceedings under section 263 of the Act. This for the reason that so far as receipt of gold bars worth Rs.41,10,889/- is concerned, the mother of the assessee was the....