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2022 (12) TMI 1003 - ITAT PATNARevision u/s 263 by CIT - unexplained credits/investment - HELD THAT:- Only assessment order is available and no other details have been filed by the assessee, which could indicate that whether any enquiry has been conducted by the Ld. AO regarding the issues raised/referred in the show cause notice issued u/s. 263 of the Act. Perusal of the assessment order shows that the Ld. AO rejected the book results and estimated the profits. Estimation of profit is an exercise, which is confined to the P & L account, but if there are any other credits in the bank account or any expenditure debited to the P & L account, which are not in the nature of expenditure then necessary enquiry has to be done about such unexplained credits/investment. Under these given facts and circumstances of the case, we find that since the Ld. AO failed to make any such enquiry in this regard, therefore, we do not find any infirmity in the finding of the Ld. PCIT setting aside the assessment orde u/s. 143(3) to be framed afresh considering the finding given in the impugned order. Thus, all the grounds raised by the assessee are dismissed.
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