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TMI Blog2020 (1) TMI 1150X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-11. 3. Short point for consideration in this Appeal is whether the Commissioner of Income Tax was justified in invoking his revisional jurisdiction under section 263 of the Income Tax Act, 1961 (briefly, "the Act" hereinafter). Tribunal held the same to be not justified and restored the initial assessment order of the Assessing Officer. Hence, this Appeal. 4. The Appeal has been preferred on the following three questions of law; stated to be substantial questions of law : (A) Whether in law and on the facts of the instant case, was the Tribunal justified in coming to a finding that the CIT was prevented from assuming jurisdiction under Section 263 of the Act, when the CIT in paragraph 4 of the order has held that the AO has fai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e recorded that the following discrepancies were noted from the assessment record and the assessment order : (i) The AO did not verify the reasons for sales of land at low rates during the A.Y. 2011-12 as compared to the A.Y. 2010-11. The rate during the A.Y.2020-11 is shown at Rs. 3000/- per sq. mtr. While the same is shown at Rs. 2000/- per sq.mtr. and Rs. 1674.39 per square meter for the A. Y. 2011-12. Hence, there was apparent possibility that sale rates were contrived. No enquiry was done on this issue. (ii) The AO did not bring to tax unaccounted cash of Rs. 6,85,000/- found during survey. (iii) The AO also failed to verify the applicability of section 45(2). 7. Taking the view that the assessment order was erroneous inasmuch a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... item 1 of the said letter, Ld. Counsel submitted that there is a reference to the amount of Rs. 6.85 lakhs, the excess cash found during the survey action. Further, reading from the contents on page 42 (statement of total taxable income), Ld. Counsel submitted that same figure of Rs. 6.85 lakhs can be seen mentioned against 'miscellaneous income'. The said sum of Rs. 6.85 lakhs is part of the gross total amount of Rs. 7,83,17,777/-. At the end of the assessment, the said amount was taxed by the Assessing Officer under head 'income from other sources'. The same is evident on page 43 of the PB, where the amount of Rs. 6.85 is included in the gross total amount of Rs. 22,41,062.12. After hearing both the parties on this issue and on perusal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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