TMI Blog2020 (10) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... ls of the parties and the accounts. We are convinced with the reasonings assigned by the Appellate Tribunal while allowing the appeal of the assessee. We are of the view that none of the three questions proposed by the Revenue could be termed as the substantial questions of law. - R/Tax Appeal No. 203 of 2020 - - - Dated:- 16-9-2020 - Honourable The Chief Justice Mr. Vikram Nath And Honourable Mr. Justice J.B. Pardiwala For the Appellant(s) : Mrs Mauna M Bhatt ORAL ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1 This Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short, the Act, 1961 ) is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal income at ₹ 15,31,24,189/-. The assessment order was passed under Section 143(3) of the Act dated 26th March 2013 determining the taxable income of the assessee at ₹ 15,47,54,611/-. 5 The CIT-3, Ahmedabad took up the order of assessment dated 26th March 2013 referred to above in suo motu revision in exercise of his power under Section 263 of the Act, 1961 and vide order dated 26th March 2013 quashed and set aside the assessment order. The CIT-3 came to the conclusion that the assessment order under Section 143(3) of the Act, 1961 referred to above is erroneous and prejudicial to the interest of Revenue. 6 Later, pursuant to the directions of the CIT-3, Ahmedabad vide order dated 15th March 2016, the accounts of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 142(1) of the Act dated 22-10-2012. The relevant extract of the notice is reproduced as under: 11. Regarding additions to fixed assets, furnish the copies of major bills of additions to Fixed Assets. Give details in the following proforma: Fixed Asset Asset Block Date of purchase Date of putting to use - Installation expenses, freight expenses, insurance expenses incurred if any Whether any loan taken for purchase of this asset If loan taken, date of sanction of loan and date of first payment of interest Depreciation claimed Whether Additional Depreciati on u/s. 32(iia) c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dress of the Branch and Type of loan and the amount of loan taken. Also state the security hypothecated / mortgaged. 9. Please provide details of unsecured loans in the following proforma: Name of Unsecured creditor Address PAN Opening balance Closing balance Whether squared up during the year Rate of Interest paid 10. In respect of any new unsecured loans taken and concerning any squared up loans, give confirmations of the persons and also provide the ITRs showing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es not arise. 9.6 We also note that the assessee has filed the complete copies of the ledgers of the transactions carried out with the parties which are placed on page 295 to 671 of the paper book. 9.7 Similarly, we note, regarding the current liabilities that the AO during the assessment proceedings has required the assessee to furnish the details in the notice issued under section 142(1) of the Act dated 22-10-2012. The relevant extract of the notice is reproduced as under: 15. Give details of outstanding provisions in the following proforma: Provision made for Amount If payment made subsequently, date of discharge of liability ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 9.9 In view of the above, we hold that the assessment order was framed under section 143(3) of the Act after due verification by the AO. Accordingly, we are of the view that the order of the AO cannot be held as erroneous insofar prejudicial to the interest of Revenue on account of non-verification on the facts as stated above. 9 We also take notice of the fact that the Tribunal, in support of its reasonings and conclusions, has placed reliance on various decisions of the Supreme Court and High Courts. 10 The finding of fact recorded by the Appellate Tribunal, after due consideration of the relevant aspects of the matter, is that the assessment order was framed under Section 143(3) of the Act after due verification by the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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