2025 (7) TMI 253

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....he Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 27.03.2022 by the Assessing Officer, ITO, Ward-4(1), Delhi (hereinafter referred to as "ld. AO"). 2. At the outset, we find that there is a delay in filing of appeal before us by 67 days at the behest of the Assessee. Considering the reason adduced in the condonation petition duly supported by an affidavit, we are inclined to condone the delay of 67 days in filing of appeal before us and admit the appeal of the Assessee for adjudication. 3. The only effective issue to be decided in this appeal is as to whether the learned PCIT had validly exercised revision jurisdiction under section 263 of the Act in the facts and circumstances of the instant case. 4. We have hea....

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....5. Subsequently, the Learned PCIT sought to revise this reassessment order passed on 27-03-2022 by invoking his revision jurisdiction under section 263 of the Act on the ground that the order of the Learned AO is erroneous in as much as it is prejudicial to the interest of the revenue in view of the fact that the assessee was also in receipt of Rs 1,45,00,000/- from M/s Saloni Buildtech Private Limited who was found to be a tainted party in the assessment proceedings of the assessee for assessment year 2015-16 wherein, an addition was made under section 68 of the Act. Since amounts were received from the very same party in Assessment Year 2014-15 also by the assessee, the same was liable to be treated as accommodation entry and subjected to....

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.... by the assessee. Hence, no adverse inference could be drawn on the documents filed by the assessee and no addition could be made under section 68 of the Act on merits. 7. The learned AR before us vehemently submitted that reasons recorded for reopening the assessment was for adding the sum of Rs 4,46,00,000/- being the amounts received from five companies controlled by Sri Joginder Pal Gupta. The reassessment was completed under section 147 of the Act on 27-03-2022 after duly adding the said sum of Rs 4,46,00,000/-. Hence, no error could be attributed in the said reassessment order framed by the learned AO. When there is no error, the said order cannot be subjected to revision under section 263 of the Act. The learned AR placed reliance....