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2015 (9) TMI 1052 - PUNJAB & HARYANA HIGH COURT

2015 (9) TMI 1052 - PUNJAB & HARYANA HIGH COURT - [2016] 383 ITR 592 - Genuineness of the deposits and withdrawals made by the assessee in his bank accounts - revision order u/s 263 of CIT(A) set aside by ITAT observing that he was not justified in cancelling the assessment made by the Assessing Officer under Section 143(3) - Held that:- The entirety of the facts were required to be gone before upsetting the order of the CIT by the Tribunal. Further, the order dated 30.7.2012 (Annexure A-3) pass .....

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uiry again. The Tribunal being final fact finding authority was required to deal with all aspects of factual matrix and then record its conclusions based thereon.

Thus the order of ITAT does not satisfy the requirements of being a reasoned order as enunciated by the Apex Court in M/s Kranti Associates Pvt. Ltd's case (2010 (9) TMI 886 - SUPREME COURT OF INDIA), noticed herein above - matter is remanded to the Tribunal for fresh adjudication - Decided in favour of revenue for statistic .....

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unal ) in ITA No. 186(Asr)/2012 for the assessment year 2007- 08, claiming the following substantial question of law:- On the facts and in the circumstances of the case, Hon'ble ITAT passed the order without considering the facts available on the record that no enquiries were made to verify the genuineness of the deposits and withdrawals made by the assessee in his bank accounts. 2. The facts, in brief, necessary for adjudication of the instant appeal as narrated therein are that the assesse .....

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st of the revenue and directed the Assessing Officer to complete the assessment de novo after affording fresh opportunity to the assessee. Feeling aggrieved, the assessee filed an appeal before the Tribunal who vide order dated 30.7.2012 (Annexure A-3) allowed the appeal and set aside the order of the CIT passed under Section 263 of the Act. Hence, the present appeal by the revenue. 3. We have heard learned counsel for the parties. 4. Learned counsel for the revenue submitted that the Tribunal w .....

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13 and Commissioner of Income Tax v. Raja Industries (2012) 340 ITR 344 (P&H). 5. On the other hand, learned counsel for the assessee supported the order passed by the Tribunal and prayed for dismissal of the appeal. The learned counsel has placed reliance upon the following judgments:- I. Malabar Industrial Co. Ltd. v. Commissioner of Income Tax (2000) 243 ITR 83 (SC) II. Commissioner of Income Tax v. Max India Ltd. (2007) 295 ITR 282 (SC) III. Commissioner of Income Tax v. Munjal Castings .....

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SCC 496 while dealing with the requirement of passing a reasoned order by an authority whether administrative, quasi judicial or judicial, had laid down as under:- "17. The expression 'speaking order' was first coined by Lord Chancellor Earl Cairns in a rather strange context. The Lord Chancellor, while explaining the ambit of Writ of Certiorari, referred to orders with errors on the face of the record and pointed out that an order with errors on its face, is a speaking order. (See .....

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judicially. (b) A quasi-judicial authority must record reasons in support of its conclusions. (c) Insistence on recording of reasons is meant to serve the wider principle of justice that justice must not only be done it must also appear to be done as well. (d) Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasi-judicial or even administrative power. (e) Reasons reassure that discretion has been exercised by the decision maker on releva .....

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irtually the life blood of judicial decision making justifying the principle that reason is the soul of justice. (i) Judicial or even quasi-judicial opinions these days can be as different as the judges and authorities who deliver them. All these decisions serve one common purpose which is to demonstrate by reason that the relevant factors have been objectively considered. This is important for sustaining the litigants' faith in the justice delivery system. (j) Insistence on reason is a requ .....

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e doubted that transparency is the sine qua non of restraint on abuse of judicial powers. Transparency in decision making not only makes the judges and decision makers less prone to errors but also makes them subject to broader scrutiny. (See David Shapiro in Defence of Judicial Candor (1987) 100 Harward Law Review 731-737). (n) Since the requirement to record reasons emanates from the broad doctrine of fairness in decision making, the said requirement is now virtually a component of human right .....

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he decision is of the essence and is virtually a part of "Due Process". 7. According to the revenue, the assessee had declared short term capital loss of ₹ 1,83,68,197/- on the sale of equity shares and long term capital loss amounting to ₹ 22,77,400/- on sale of long term investment in equity shares. The assessee had made deposits to the tune of ₹ 97.50 lacs and withdrawals amounting to ₹ 94,96,560/- from account No. 006601508908 on different dates. The source .....

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