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TMI Blog2018 (7) TMI 2110X X X X Extracts X X X X X X X X Extracts X X X X ..... 249/-. A search and seizure action u/s 132 of the Act was carried out in Suyojit Group of cases. There was also a survey u/s 133A of the Act on 04.10.2010 in the case of M/s. Vijay Construction. During the course of survey at the office premises of M/s. Vijay Construction, Nashik, certain documents were impounded. On perusal of the documents, it was noticed that in some of the documents, transactions relating to assessee were recorded. On perusal of the documents, it was noticed that it had details about assessee lending Rs. 1.05 crore on which interest from January, 2009 aggregating to Rs. 4,79,622/- was receivable by assessee and further interest of Rs. 5.85 lacs for the period 03.08.2008 to 31.01.2009 was paid to assessee and thus for A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside the assessment order dated 10.02.2014 passed by the AO and directed the AO to frame fresh assessment order after considering the observations made therein. Aggrieved by the order of Ld.CIT, assessee is now in appeal before us and has raised the following ground : "On the facts and in the circumstances of the case and in law, the Ld.CIT (Central), Nagpur, erred in passing order u/s 263 of the Income Tax Act, 1961, dt.16.03.2015 by treating the order u/s 144 r.w.s. 147 of the Income Tax Act, 1961 dt.10.02.2014 passed in the case of the appellant for A.Y. 2009-2010 as erroneous and prejudicial to the interest of the revenue, such action is beyond the scope of powers conferred and therefore order passed u/s 263 of the Income Tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admit the appeal for hearing. 5. Before us, Ld.A.R. submitted that search action u/s 132 of the Act was conducted on Suyojit Group of cases on 17.09.2010 wherein it was alleged that during the course of action, certain incriminating material belonging to the assessee were found. There was a survey action u/s 133A of the Act on 04.10.2010 in the case of M/s. Vijay Construction, Nashik, a group concern of the assessee, wherein certain documents were found. During the course of assessment proceedings u/s 153C of the Act in the case of Vijay Constructions and its partner Mr. Pavan Vijay Jadav, complete explanation was offered along with necessary evidences and thereafter assessment was framed u/s 143(3) r.w.s. 147 of the Act, wherein no addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment proceedings, AO in the order passed u/s 144 r.w.s. 147 of the Act, made addition of the part of entries for which he had reason to believe the escapement of income and against which assessee has preferred appeal before Hon'ble ITAT and the matter is yet to be decided. Ld.A.R. submitted that during the course of search assessment proceedings of the Vijay Construction and its Partner Pavan Vijay Jadhav, in whose premises the documents were found (and on which Ld.CIT hold that there was inquiries) and after necessary clarification no addition was made on account of alleged advances of Rs. 1.05 crores. He therefore submitted that this is a change of opinion and substituting the view of the Ld.CIT on the view of AO, is not permissible und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to exercise power of revision u/s 263, namely (i) the order is erroneous (ii) by virtue of being erroneous, prejudice has been caused to the interests of the Revenue. 8. It is an undisputed fact that in the case of assessee the case was re-opened by issuing notice u/s 148 of the Act and thereafter, the assessment was framed u/s 144 r.w.s 147 of the Act vide order dt.10.02.2014 wherein the addition of undisclosed income on account of interest of Rs. 10,64,622/- was made. Thereafter, Ld.CIT passed order u/s 263 of the Act dt.16.03.2015 wherein he has noted that while passing the order AO had failed to take cognizance of source of Rs. 1.05 crores advances made by the assessee made on various dates during the Financial Year 2008-09 and the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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