TMI Blog2015 (11) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... on, this may be a case of inadequate inquiry, but certainly, it is not a case of lack of enquiry. The learned Assessing Officer has made certain opinion on the basis of enquiry conducted and satisfied himself. Commissioner of Income-tax cannot revise the assessment merely due to the reason that he holds a different opinion on that issue. Respectfully, following the judgement of Hon’ble jurisdictional High Court in case of CIT Vs. Sunbeam Auto Ltd. (2009 (9) TMI 633 - Delhi High Court), we hold that the findings of the learned Commissioner of Income-tax (Appeals) in holding the order of the learned Assessing Officer passed under section 143(3) of the Act as erroneous and prejudicial to interest of the Revenue are not correct and bad in law and therefore, we set aside the impugned order of the learned Commissioner of Income-tax (Appeals) passed under section 263 of the Act. - Decided in favour of assessee. - ITA No. 1491/Del./2011 - - - Dated:- 14-10-2015 - Sh. G. C. Gupta, Hon ble Vice President And Sh. O. P. Kant, Accountant Member For the Appellant : Sh. R.S. Singhvi, Adv For the Respondent : Smt. Sunita Kejriwal, CIT DR ORDER Per O. P. Kant, AM This a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons are explained as well as also not for ulterior purpose. It is settled position of law that court should take lenient view on the issue of condonation of delay but the reasons for delay must be bona fide and not merely a device for camouflaging the ulterior purpose or an attempt to save the limitation in an underhand way. The law of limitation prescribed in the provision of section 253(5) envisages that there should be a sufficient cause for not presenting the appeal within the prescribed period. Further the Courts have held that while construing the sufficient cause , the court should be liberal and lean in favour of such party. In the case of Shri Y P Trivedi Vs. the Joint Commissioner of Income Tax Range, in ITA No.5994/Del/2010, the order of the learned Commissioner of Income-tax mixed up with the other papers by the office of the Chartered Accountant of the assessee and therefore the appeal could not filed within the period of limitation. In that case, the ITAT Mumbai G Bench has condoned the delay of 496 days in filing the appeal. Further, in the case of Vinay Extraction Pvt. Ltd. Vs. Vijay Kumar (2004) 271 ITR 450 (Gujarat), the Hon ble High Court has observed as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer has not made any enquiry while considering the amount of ₹ 9,50,000/- received from the father of the assessee as gift. He was also of the view that the learned Assessing Officer had committed error in treating the cash withdrawal of ₹ 4,75,000/- as unexplained cash credits. In view of the above observations, learned Commissioner of Income-tax issued a show-cause notice to the assessee proposing to revise the order under section 263 of the Act. In response to the notice, the learned Authorised Representative filed a detailed reply explaining that the father of the assessee, Shri Shankar Prasad Keshav Ray, was confronted by the learned Assessing officer regarding his creditworthiness, and during which he explained that he was running a proprietary ship firm namely Laxmi Ram Bishan in the year 2004. The learned Authorised Representative further stated that gift was received by the assessee on 01.11.2004 and the same amount was found credited in the assessee s bank account on various dates starting from 01.11.2004 and therefore, in view of the learned Authorised Representative creditworthiness and genuineness of the transaction was proved. As regards to the cash w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same in to bank account in installments, the AO should have asked the assessee to explain the need of frequent deposits and withdrawals into/ from the bank account. Therefore, the contention of the assessee that the amount of ₹ 9,50,000/- was received as gift from the father of the assessee and deposited in to bank account could not be accepted. 6.4 As regards the contention of the assesses that an amount of ₹ 4,75,000/- withdrawn from the bank account explains the credits in the bank account of the same extent, perusal of the bank account reveals that this withdrawal of ₹ 4,75,000/- is made on 23.10.2004 and immediately before this entry, on the same day i.e. 23.10.2004 there is credit entry of ₹ 4,75,000/- by way of clearing of cheque No.50050 This means that the cheque in respect of which amount of ₹ 4,75,000/- has been credited on 23.10.2004 was deposited before the withdrawal. The assessee could not withdraw the amount of ₹ 4,75,000/- before the credit of the questioned cheque because before the credit of this cheque, there was credit balance of ₹ 407/- only in the bank account of the assessee. Therefore, it is clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt of Delhi in the case of CIT Vs. Sunbeam Auto Ltd. (supra) wherein the Hon ble High Court has held as under:- 13. When we examine the matter in the light of the aforesaid principle, we find that the Assessing Office]- had called for explanation on this very items, from the assessee and the assessee had furnished his explanation vide letter dated 26-9-2002. This fact is even taken note of by the Commissioner himself in Para 3 of his order dated 3-11-2004. This order also reproduces the reply of the respondent in Para 3 of the order in the following manner: The tools and dies have a very short life and can produce up to maximum 1 lakh permissible shorts and have to be replaced thereafter to retain the accuracy. Most of the parts manufactured are for the automobile industries which have to work on complete accuracy at high speed for a longer period, Since it is an ongoing procedure, a company had produced 10,75,000 .sets whose selling rates is inclusive of the reimbursement of the dies cost. The purchase orders indicating the costing includes the reimbursement of dies cost are being produced before your honour. Since the sale rate includes the reimbursement of dies cost ..... X X X X Extracts X X X X X X X X Extracts X X X X
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