TaxTMI 
TaxTMI 
2025 (6) TMI 873
X X X X Extracts X X X X
X X X X Extracts X X X X
....eferred to as "the Act] dated 31/03/2024 for Assessment Year (AY) 2017-18. 2. At the outset, the Ld.counsel for the assessee submitted that during the revisionary proceedings u/s.263 of the Act, the Ld.PCIT did not provide fair opportunity of hearing to the assessee. The Ld.counsel for the assessee has submitted that the relevant documents and evidences before the Ld.PCIT along with written submission were filed, which is reproduced by the Ld.PCIT in his order, vide Page Nos.4 to 15 of the revision order passed by the Ld.PCIT. Before the Ld.PCIT, the assessee has submitted the PAN of the depositor, Audit Report, Income-tax Return, copy of bank statement, copy of confirmation evidences regarding repayment of loan in respect of Bell Indus ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted, how known etc., (e) Due diligence done, (f) copy of application form if any, (g) Security mortgaged against loan, (h) other supporting evidences. 4.3. In its reply the assessee has mainly contended that loans taken by it during the year under consideration from Olwin Garments Pvt. Ltd, MKR Trading Pvt. Co, Bell Indus Fibrecom Private Limited & Win And Grow Investment Advisory Services Private Limited were genuine transactions and in support of its claim, it has furnished various document during the course of assessment proceedings as well during the proceedings u/s 263 of the I.T. Act. The contention of the assessee was examined However, from evidences and statements recorded during the course of search, it is clear on the bas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....revenue submitted that in para No.4.2 of the order of the ld.PCIT, the Ld.PCIT has pointed out that during the course of assessment proceedings neither the assessee has submitted some required documents in support of its claim, nor the AO is called for documents, such as, copy of agreement (b) Terms & Conditions, (c) Copies of correspondences in respect of the transactions (Receipt/payments/ reminder etc.), (d) Person who was contacted, how known etc., (e) Due diligence done, (f) copy of application form if any, (g) Security mortgaged against loan, (h) other supporting evidences. Therefore, as per ld.CIT-DR, these documents were also utmost necessary to be submitted by the assessee before the AO to prove its claim. Since neither the assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ave a look at the orders or proceedings of the lower authorities and to effect a correction, if so needed, particularly if the order or proceeding is erroneous and prejudicial to the interest of the Revenue. This provision occurs in a taxing statute whose object is to raise revenue for the State and an enabling provision conferring jurisdiction on the Commissioner to revise the order of the lower authorities in certain circumstances particularly when it is erroneous and prejudicial subject to certain exceptions. One can at once realize that the provision is intended to plug leakage to the Revenue by an erroneous order passed by the lower authorities, whether by mistake or in ignorance or even by design. It makes little difference as to for ....