2022 (11) TMI 424 - AT - Income Tax
Revision u/s 263 by CIT - As per CIT, AO has not examined properly in respect of unsecured loans received from M/s. Rams Estate for the assessment year 2016-17 - HELD THAT:- In response to the show cause notice dated 12.03.2021, assessee filed a letter dated 19.03.2021 by stating that all the details were filed before the AO and after examining the details, AO completed the assessment order u/s 143(3) and therefore, the assessment order is neither erroneous nor prejudicial to the interest of Revenue.
In this case, PCIT issued show-cause notice to the assessee on the ground that the Assessing Officer has not examined properly in respect of unsecured loans received from M/s. Rams Estate for the assessment year 2016-17.
DR has filed a copy of the return of income for the assessment year 2016-17 in respect of M/s. Rams Estate, wherein, under Col. 3 (b) – Loans and advances, no details were mentioned. Therefore, considering the return of income of M/s. Rams Estate, we are of the considered opinion that the AO has not examined the issue properly and the assessment order is erroneous and prejudicial to the interest of the Revenue.
PCIT has rightly exercised his power conferred u/s 263 and directed the AO to pass fresh assessment order in accordance with law after verification of the records. We find no reason to interfere with the order passed by the PCIT. Appeal filed by the assessee is dismissed.