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TMI Blog2019 (12) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment year 2014-2015, whereby it has set aside the revisional order dated 27.07.2017 of the Commissioner of Income Tax under Section 263 of the Act. 2. Brief facts of the case are that the assessee had obtained certain unsecured loans during the year in question. The assessee had filed a return declaring income of Rs. Nil on 26.09.2015. His case was selected for limited scrutiny through CASS and notice u/s 143 (2) of the Act was issued and on being satisfied the Assessing Officer accepted the return income of the assessee. Thereafter, a show cause notice under Section 263 (1) of the Act was issued and the Commissioner of Income Tax set aside the order and held the Assessing Officer should have called a record of the computation of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advanced were filed and no adverse observation with respect to the same has been made by the Ld. Pr. CIT effecting the creditworthiness of the loanees. Nor was the same brought to our notice by the Ld. DR during the course of hearing before us. We therefore hold that the Ld. Pr. CIT has failed to point out any error in the order of the AO vis-a-vis the loans taken by the assessee also." 4. Learned counsel for the appellant-revenue has argued that the following substantial questions of law still arose in this case:- (i) Whether on facts and circumstances of the case, the Hon'ble ITAT, Chandigarh is right to set aside the order passed by the Worthy Pr. CIT u/s 263(1) of the I.T. Act, 1961 on account of non-proper verification of unse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s inserted w.e.f. 01.06.2015." 5. Learned counsel has relied upon decision dated 04.01.2012 of Hon'ble The High Court of Karnataka in case of Commissioner of Income Tax vs. Infosys Technologies Ltd. I.T.A. No.588 of 2006, particularly Paras 23 to 27, which are reproduced hereunder:- 23. In the present situation, the Commissioner having only directed the assessing authority to compute it or re-compute it and make it explicit as to the entitlement of the assessee, an order of this nature, in fact, could not have been contended as detrimental to the interest of the assessee, as it was always open to the assessee to justify the claim in terms of the double taxation avoidance agreements. In a situation of this nature, we are also of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee by its learned counsel that reasons should be spelt out only in a situation where the assessing authority passes an order against the assessee or adverse to the interest of the assessee and no need for the assessing authority to spell out reasons when the order is accepting the claim of the assessee and the learned counsel submit that this is the legal position on authority, we are afraid that to accept a submission of this nature would be to give a free hand to the assessing authority, just to pass orders without reasoning and to spell out reasons only in a situation where the finding is to be against the assessee or any claim put forth by the assessee is denied. 27. We are of the clear opinion that there cannot be any dic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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