2025 (3) TMI 2034

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...., CIT ORDER PER DUVVURU RL REDDY, VICE-PRESIDENT(KZ):- The appeal is directed at the instance of assessee against the order of ld. Principal Commissioner of Income Tax, Patna-1 dated 14th March, 2022 passed for Assessment Year 2017-18. 2. Brief facts of the cases are that the assessee is a retail trader of gold and silver ornaments. His proprietorship business under the name and style ....

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....without conducting inquiries and verifications. He further held that the source for cash deposits amounting to Rs. 79,80,000/- made in the Bank account No. 449130110000080 at Bank of India during demonetization period was not examined during the assessment proceedings and also without examining proper bills, vouchers and supporting documents, the ld. Assessing Officer estimated the income at 5% un....

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..... CIT has rightly initiated the proceedings under section 263 saying that the assessment order passed under section 143(3) of the Income Tax Act dated 12th July, 2019 is prejudicial to the interest of the revenue. Therefore, he pleaded to uphold the order passed by the ld. Pr. CIT. He further submitted that the assessee failed to avail the opportunity even before the Tribunal to substantiate his c....