TaxTMI 
TaxTMI 
2026 (9) TMI 124
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....T has cancelled the assessment order dated 26.11.2019 passed u/s 143(3) of the Act with the directions to the assessing officer( hereinafter to referred as AO) to pass a fresh order, de novo, after affording reasonable opportunity of being heard to the assessee. 2. This appeal was earlier disposed by the coordinate bench of this Tribunal by an order dated 24.06.2025 setting aside the above impugned order passed and restoring it to the file of the Ld. PCIT and directing him to pass a fresh order after providing the assessee a reasonable opportunity to present his case before him. However, this order was recalled by this Tribunal in its entirety by an order dated 29.04.2026 in MA No. 07/Agr/2026 in ITA No 129/Agr/2023 in pursuance to a mis....
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....ssessee is allowed" (emphasis supplied by us ) 3.1 In view of the above order, the entire appeal was heard and is being adjudicated afresh by us. 4. Against the impugned order dated 31.03.2022 of the Ld. PCIT, the assessee has filed the following grounds of appeal. "1. That, the notice under section 263 dated 28-03-2022, was not served upon the appellant, as it was neither served on person, nor on the registered e-mail as shown on his e-filing portal. 2. That, the order under section 263 dated 31-03-2022, was not served upon the appellant, as it was neither served on person, nor on the registered e-mail as shown on his e-filing portal. 3. That the appellant was denied opportunity of being heard or to file....
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....rther submitted that the Ld. PCIT held the order to be ground that in respect of additions amounting to Rs. 97,327/- the AO had not initiated penalty proceedings as per the provisions of section 270A (1) of the Act. 5.1 In this regard, the Ld. AR submitted that the assessee during the year was engaged in the sale at purchase of recharge coupons of Bharti Airtel Limited on wholesale basis. The Ld. AR submitted that the impugned order passed by the Ld. PCIT was is bad in law as it lacked jurisdiction and was passed in violation of natural justice. The Ld. AR further referring to page No. 34-35 of the paper book submitted both the show cause notice dated 28.03.2022 and the order u/s 263 of the passed by the Ld. PCIT vide order dated 31.03.2....
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....We have heard both the parties and perused the material on record. in this case the Ld. PCIT invoked the provisions of section 263 of the Act on two issues namely that the assessee had deposited 2,06,000/- during the demonetisation period in the denomination of Rs. 1000/- and Rs. 500/- (Old Currency). The Ld. PCIT noted that the assessee during the assessment proceedings had submitted that he had deposited only Rs. 98,000/- in his bank account in the denomination of Rs. 1000/- and Rs. 500/-. The Ld. PCIT noted that the when the AO asked the assessee about the balance amount of cash deposit of Rs. 1,08,000/- in his bank account in the denomination of Rs. 1000/- and Rs. 500/-, the assessee submitted that the cash amounting to Rs. 1,08,000/- (....
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....en deposited by my wife Smt Poonam Jain in my account also because she has no any bank account and this amount was herself as well as children's personal savings for many years kept in this house. In support assessee has furnished affidavit of his wife, placed on file." 7.2 On perusal of the above facts we are of the considered view that considering the facts of this case and the background of the assessee the view taken by the AO is plausible view. Further, the AO accepted the above claim after making query and taking on record an affidavit filed by the wife of the assessee. In this regard, the Ld. PCIT has not brought on record any discrepancy or any deficiency in the said affidavit or any adverse findings regarding the explanation....
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....ccount of commission received by the assessee. Further, penalty proceedings u/s 270A of the I. T. Act. 1961 was initiated. Further, due to the audit objection raised by the IAP, Aligarh, the proposal for revision of assessment order dated 26.11.2019, prejudicial to revenue u/s 263 of the I.T. Act, 1961 was sent to the Chief Commissioner of Income Tax (OSD)/Principal Commissioner of Income Tax-1, Agra on 08.03.2022. The Chief Commissioner of Income Tax (OSD)/Principal Commissioner of Income Tax-1, Agra vide order u/s 263 of the I.T. Act, 1961 dated 31.03.2022 having DIN ITBA/REV/S/91/2021-22/1042380538(1) cancelled the assessment order passed u/s 143(3) of the I.T. Act, 1961 dated 26.11.2019 with the direction to pass a fre....