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TMI Blog2016 (12) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... according to the appellant, there was sufficient material on record to suggest that the subject amount of Rupees Six crores was credited to the personal account of the assessee. It was further submitted that as such, as the A.O. had not done proper investigation nor sought the information with regard to the source of such amount, the Commissioner was justified to exercise powers of Revisional jurisdiction and direct the A.O. to proceed with the assessment afresh. It is further submitted that considering the contrary stand taken by the respondent before the Civil Court in connection with the subject amount, would itself suggests that the order passed by the Commissioner (Appeals) was justified and as such the Tribunal was not justified to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... round deals with the contention that the AO has duly considered the receipt of Rs. 6 crores while passing the order u/s 153C. Therefore, it cannot be said that it is not a case where inquiries were not made by the AO. AO has duly made the inquiry and taken a view after applying his mind that this amount has to be added in the hands of the company in which Assessee is a Director. It is an undisputed fact that in the case of the search the cases of the group are centralized so that each and every matter which has bearing on the determination of the income can be considered by one officer and there cannot be any double addition or escapement of the income in the hands of one Assessee. In the case of the Assessee was centralized vide letter dt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liam Britto filed an affidavit before the court stating that the amount of Rs. 6 crores was given as repayment of gambling debt which Mr. Suryanarayan had incurred while playing in the casino. It was found that the said gambling debts are not accounted in the books of M/s Britto Amusements Pvt. Ltd or M/s Goa Golf Club Pvt. Ltd. When confronted Dr. William Britto while deposing on 12.01.2010 stated as under :................." "9.6 In view of the above it is clear that Dr. Britto had been taking contradictory stands in this issue. Further, the companies of Dr. Britto are having enough cash flow to repay any loan that is outstanding and from the books of accounts it is found that no efforts have been made to repay the money after taking the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntralized and the same Assessing Officer has taken a view and accepted the stand taken by the said Company that such amount were to be assessed in the hands of the private company. The learned Tribunal has also relied upon the judgment of the Apex Court in the case of Malabar Industrial Co.Ltd. Vs. CIT reported in 243 ITR 83 (SC) by observing at para 18 thus: 18. "The pre-requisite to the exercise of jurisdiction by the Commissioner under section 263 is that the order of the AO is erroneous insofar as it is prejudicial to the interest of the revenue. The Commissioner has to be satisfied of twin conditions namely, (i) the order of the assessing officer sought to be revised is erroneous; and (ii) is prejudicial to the interests of the revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mind as such will be erroneous and prejudicial to the interest of the revenue." 6. The learned Tribunal has further noted at para 23 thus: 23. "A perusal of the order framed by CIT indicates that the Assessment Order passed by the A.O. was set aside on the ground that the assessee has not offered her taxation the sum of Rs. 6 crores received from Mr. N. Suryanarayan. This, in our considered opinion, cannot be sufficient ground for setting aside the assessment. While making Assessment Order, it is the satisfaction of the A.O. who made the enquiry and it should be a touchstone of the assessment order passed by him, the CIT cannot substitute his view in place of finding of the A.O. until and unless the view taken by by the A.O. is unsustain ..... X X X X Extracts X X X X X X X X Extracts X X X X
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