2025 (11) TMI 1047

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....on 144B dated 02/03/2023 for AY 2018-19 without properly appreciating the objection to proceedings u/s 263 dated 29/03/2025 duly uploaded on the same date. 2. The order u/s 263 is submitted to be bad in law and on facts in as much as that the order passed by the A.O. on 02/03/2023 after fully considering the facts on record and the order is neither erroneous nor prejudicial to the interest of revenue. 3. The order u/s 263 is also submitted to be bad in law much as that the conditions envisaged for invoking the provisions of section 263 are not applicable to the facts of the assessee. 4. He has erred in law and on facts in applying the judicial case laws as mentioned in para 6.5 of the order which are submitted to ....

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.... in short levy of legitimate taxes which is erroneous and prejudicial to the interest of the revenue. In response to the notice, the assessee submitted reply. After going through the reply, the Pr. CIT held that the assessee never denied that the assessee made cash deposits in bank account maintained by him and the total cash deposits was Rs. 16,53,74,155/-. The Assessing Officer treated entire cash deposits as business receipts and determined income of Rs. 1,32,29,932/- being 8% of cash deposits. The Assessing Officer presumed business activity of the assessee on his own without any response or reply of the assessee. The Pr. CIT passed order u/s. 263 dated 30-03-2025 thereby setting aside the assessment order passed u/s. 147 r.w.s. 144 r.w....

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....d upon the order of the Pr. CIT passed u/s. 263 of the Act and submitted that the Assessing Officer has not invoked section 69A and has not taxed the said cash deposits at a higher rate u/s. 115BBE and therefore the assessment order passed u/s. 147 r.w.s. 144 r.w.s. 144B is erroneous and prejudicial to the interest of revenue. 7. We have heard both the parties and perused all the relevant material available on record. During the submissions before us, the ld. A.R. submitted that the assessee is engaged in the business of recharge. The ld. A.R. also submitted that even for the assessment year 2017-18, the Assessing Officer considered bank deposits of Rs. 18,52,71,742/- as business receipt on account of assessee engaged in the recharge bus....