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2021 (9) TMI 644 - AT - Income TaxRevision u/s 263 - Reply to SCN filed by the assessee at a later stage - income offered by the assessee firm during the course of survey on account of excess stock, cash and debtors was required to be assessed under the provisions of section 69/69A and 69B of the Act and to be taxed u/s. 115BBE @ 30% without allowing for any deduction in respect of any expenditure or any allowance - HELD THAT:- The specific reply/defence put forth by the assessee before the ld. PCIT could not be considered at the time of pronouncement of order U/s. 263 of the Act. Therefore, considering the substantial justice, we restore the matter back to the file of ld. PCIT for fresh reconsideration of the entire matter after considering the reply/defence dated 30/3/2021 of the assessee's paper book or any other documents placed on record by the assessee. Needles to mention here that the ld. PCIT while reconsidering the entire matter and passing the order, appropriate opportunity of being heard be given to the assessee. Appeal of the assessee is allowed for statistical purposes only.
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