TMI Blog2022 (3) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lacs which was supposed to have escaped assessment and finally has made addition of only ₹ 25 lacs, the necessary corollary is that AO has accepted/satisfied with the balance of ₹ 25 lakhs out of ₹ 50 Lakhs which was supposed to have escaped assessment for which the AO reopened the assessment in the first round. Thereafter when the second AO reopened on the same issue (i.e. again on the issue of escapement of ₹ 50 Lakhs) which was the precise reason for reopening the assessment in the first round, and the AO in the second round rightly have not made any addition because it is trite law that the second AO in the second round cannot sit in review in respect of the action of AO in the first round on the same issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are inclined to condone the delay and admit the appeal for hearing. 3. The main grievance of the assessee is against the action of the Ld. Pr. CIT in exercising his revisional jurisdiction without satisfying the condition precedent as prescribed u/s. 263 of the Act i.e. without validly holding that the order of the AO is erroneous as well as prejudicial to the interest of the revenue. 4. Brief facts of the case are that the assessee had filed return of income showing total income of ₹ 46,59,570/-. Thereafter, the AO issued notice u/s 148 of the Act based on the reason that he received information from Investigation Wing that the assessee has received accommodation entry to the tune of ₹ 50 Lakhs. Thereafter, the AO reopen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable that the assessee under consideration had obtained accommodation entries to the tune of ₹ 50,00,000/- from different entities during FY 2010-11 and the case was reopened for scrutiny by issuing notice u/s 148 of the I.T.Act, 1961. Subsequently, order u/s 147/143(3) was passed on 29.01.2016 wherein an addition of ₹ 25,00,000/- was made by the Assessing Officer instead of the purported entry of ₹ 50,00,000/-. Thereafter the case was again reopened by issuing notice u/s 148 on 31.03.2018 on the same issue of escapement of income to the tune of ₹ 50,00,000/-. Order u/s 143(3)/147 was passed by the Assessing officer on 22.06.2018 accepting the total income assessed u/s 147/143(3) dated 29.01.2016, meaning thereby ..... X X X X Extracts X X X X X X X X Extracts X X X X
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