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2023 (2) TMI 412 - AT - Income TaxRevision u/s 263 - Difference between sales as per books of accounts and as per 26AS, Identity, creditworthiness and genuineness of certain purchase parties not proved and Salary paid to related parties - HELD THAT:- In so far as difference in sales as per books of assessee and as per 26AS concerned, the assessee had furnished copy of the purchase bills confirmation from purchase parties and also explained the nature of the transaction with Ms. Babita and Ms. Seema. It is found that the PCIT even after providing the said reply by the assessee, set aside the assessment order dated 21/12/2017 and directed to re-examine the same issue. The only reason assigned by the Ld. PCIT was that the “explanation of the assessee seems to be plausible and it is not conclusive” It is undisputed fact that all the three issues pointed out by the Ld. PCIT in the show cause notice dated 02/02/2017 have been replied by the assessee and the Ld. A.O. has satisfied on verifying the reply and passed the assessment order. Thus, in our opinion, invoking revisionary power u/s 263 of the Act is merely on suspicions is untenable. Further, the Ld. PCIT has not made any discussion on the issues pointed out by him and exercised the power conferred u/s 263 of the Act on the ground that the “explanation of the assessee seems to be plausible and it is not conclusive” which is not permissible u/s 263. Thus the impugned order passed by the Ld. PCIT liable to be quashed. Accordingly, the Grounds of appeal of the assessee are allowed.
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