2025 (6) TMI 2155

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....enue : Shri S.L Anuragi, CIT-DR ORDER PER PARTHA SARATHI CHAUDHURY, JM: This appeal preferred by the assessee emanates from the order of the Ld. Pr. Commissioner of Income Tax, Raipur-1 (for short 'Pr. CIT") passed u/s.263 of the Income Tax Act, 1961 (for short 'the Act'), dated 24.03.2025 for the assessment year 2018-19 as per the grounds of appeal on record. 2. This is a case where t....

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....der of the Ld. Pr. CIT is extracted as follows: "8. Considering the above legal provisions of the Act and the factual position of this case as emanating from the assessment order and case records as well as the judicial precedents as discussed above, I am of the considered opinion that the assessment order is erroneous in so far as it is prejudicial to the interests of revenue in view of ....

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....Pr. CIT and the assessment order spells out clearly that the assesse had received unsecured loan in cash from Shri Ramkinkar Agrawal amounting to Rs.75 lacs. In this regard, it was held by the Pr. CIT that there is direct contravention of Section 269SS of the Act, for which, penalty u/s. 271D of the Act should have been initiated by the A.O and since this was not done, therefore, the assessment fr....

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..... 4. In our considered view, the aforesaid submission of the Ld. Counsel is contrary to facts appearing on record. Therefore, it is all the more appropriate that the assessee should place his case before the A.O and after hearing submissions, considering the relevant documents, the A.O should verify the facts and examine all the documents on record as regards the said contention made by the ass....