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2012 (7) TMI 303 - AT - Income TaxRevisionary proceedings under Section 263 – search – unaccounted money – assessee’s wife admitted that unaccounted money belongs to her - assessment stood set aside by CIT in a revisionary proceedings under Section 263 - But, revisionary proceeding under Section 263 of the Act stood quashed by this Tribunal – Held that:- Order was already available with CIT(Appeals) when he was considering appeal of the assessee. The order of CIT(Appeals) was passed on 13.3.2009 and therefore, the argument of the assessee that the order of this Tribunal quashing the order under Section 263 of the Act was already available on record - CIT(Appeals) fell in gross error in not considering the order of this Tribunal quashing the proceedings under Section 263 of the Act - revisionary order having been quashed, CIT(Appeals) was duty bound to dispose of the assessee’s appeal on merits - order of CIT(Appeals) set aside and matter remanded back to him for consideration afresh. Revisionary proceedings - deletion of addition - plea of the assessee that the money recovered from his house, purchase of real estate, recovery of gold biscuits and fixed deposits were all belonging to his wife – Held that:- Entire money had been treated by Revenue as a part of income of the wife of the assessee in her assessment - CIT(Appeals) was justified in placing reliance on the order of Hon’ble Apex Court and in deleting the addition made in the hands of the assessee – In favor of assessee Addition on account of investment made in the name of associated persons - assets belonged to his wife and not to him. However, the A.O. was of the opinion that the fixed deposits in the Punjab National Bank, though claimed as owned by assessee’s wife, was not corroborated and therefore, had to be considered in assessee’s hand – Held that:- In assessee's own case it was held that fixed deposits had to be explained only by the assessee’s wife and not by the assessee. CIT(Appeals) also noted that such additions were made substantially in the hands of the assessee’s wife also - IT(Appeals) was justified in deleting the addition for the impugned assessment year also – In favor of assessee Maintainability of appeal - revisionary proceedings under Section 263 - CIT(Appeals) held the assessment to be not appealable since such assessment was done in pursuance of the direction of CIT under Section 263 of the Act –Held that:- CIT has requested the A.O. to make a fresh assessment in accordance with law - it cannot be said that any finality has been reached by virtue of the order of the CIT with regard to the items mentioned by him in the said order - it cannot be said that fresh order passed by the assessing authority pursuant to revisionary proceedings, was an order passed for giving effect to the directions of the revisioning authority per se. It was only an order passed in compliance of the directions of CIT - against such an order, appeal was maintainable before CIT(Appeals) - Appeal of the assessee for assessment year 1995-96 is allowed for statistical purposes.
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