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2020 (12) TMI 1024 - AT - Income TaxRevision u/s 263 - amount of HUF was deposited not in the account of the HUF but into the account of the individual - as per assessee there is no demand against the assessee as the assessed income and returned income are same - HELD THAT:- CIT has rightly directed the AO to frame the assessment afresh as he found that the office note recorded by the then ITO Ward-5(3), Amritsar is factually incorrect. CIT also found that the amount of ₹ 29,69,855/- belonged statedly to the HUF was deposited not in the account of the HUF but into the account of the individual. During the course of hearing the AR was also unable to substantiate that this issue was examined by the AO and there is any conclusive findings by the AO as per law. From the order of Pr. CIT, it is clear that this issue was not examined by the AO. It was expected from the AO that he has assessed the taxable income as per law. Firstly, the Assessing Officer is investigating officer thereafter he is an adjudicating officer. If the AO failed to carry out adequate enquiry about the alleged transactions in the name of the assessee, which are present in this case, therefore, the Pr. CIT has rightly invoked the provisions of Section 263 of the I.T. Act to reopen the completed assessment. In the revised grounds of appeal the assessee has challenged only one issue for invoking the revisionary proceedings by the Pr. CIT u/s. 263 without application of mind by the Pr. CIT. It is clear from the order of the Pr. CIT at page 2 that the Pr. CIT before invoking the revisionary power u/s. 263 of the Act has asked for the report of the AO and receipt of the report from the AO the same has been confronted to the counsel of the assessee. CIT has enquired before invoking the provisions of Section 263 of the I.T. Act. Accordingly, the revised grounds of appeal raised by the assessee have no merit and the same are dismissed. We, therefore, of the opinion that the Pr. CIT has taken a right view in quashing the assessment framed by the AO and directing the AO to make fresh assessment. Accordingly, we uphold the findings recorded by the Pr. CIT and dismiss the appeal of the assessee.
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