2025 (4) TMI 1844

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....IT-DR. ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. By way of this appeal, the assessee assails invocation of revisionary jurisdiction u/s 263 by Ld. Pr. Commissioner of Income Tax, Agra-1 (Pr.CIT) for Assessment Year (AY) 2015-16 vide impugned order dated 31-03-2021 in the matter of an assessment framed by Ld. AO u/s 143(3) of the Act on 13-12-2017. Having heard rival submissions an....

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....mmission in F&O Business. The assessee filed separate financials of share trading and F&O business but the accounts were not incorporated in the tax audit report. In other words, the books of share trading and F&O business were no audited. The assessee made share transactions of Rs. 25.62 Crores. As per ICAI guidelines, the turnover worked out to be Rs. 98.18 Lacs. In the absence of audi....

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....was a loss of Rs. 10.01 Lacs, the same was not included in turnover. The TDS demand was stated to be nothing but interest for late payment of TDS and it was not tax on income. Reliance was placed on various judicial decisions to support the submissions. 4. However, rejecting the same, Ld. Pr. CIT held the order to be erroneous and prejudicial to the interest of the revenue and directed Ld.....

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....ions to the returned income of the assessee. Under these circumstances, no infirmity could be attributed to the assessment framed by Ld. AO on the ground that he failed to deal with other issues which did not fail in the realm of the limited reason for which the case of the assessee was selected for scrutiny assessment. In other words, Ld. Pr. CIT, in the garb of revisionary jurisdiction u/s 263, ....