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TMI Blog2022 (3) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... rived income from pension. The return of income was filed declaring income of Rs. 1,75,880/-. Subsequently, the case was reopened u/s. 148 of the Income Tax Act, 1961 (hereinafter called 'the Act'), as the assessee had made Time Deposits of Rs. 11,85,000/- with Punjab National Bank. During the course of assessment proceedings, the daughter of the assessee M/s. Renu Sahni stated that the Time Deposits made by her father were from the renewal of the Fixed Deposits already made from the retirement benefits. The re-assessment proceedings were completed by accepting the returned income. 2.1. Subsequently, the Ld. PCIT issued show cause notice on 24.02.2021 mentioning alleged instance of failure on the part of the Assessing officer (AO) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further stated that, thereafter, there was onset of second wave of COVID-19 resulting in lock down in Haryana in the months from April to June 2021. It has also been stated that the assessee himself was bed ridden due to his old age of 90 years and, subsequently, only when the assessee's daughter visited him in September 2021, the appeal could be filed when she could contact the assessee's counsel. It has been prayed that the delay due to the aforesaid reasons may kindly be condoned and the appeal be admitted for hearing. 4. Per contra, the Ld. CIT DR took no objection to the condonation of delay. 5. Having heard both the parties and considering the factual matrix which led to delay in filing the appeal and also considering the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on as well as to copy of the bank statement which have been filed before the Assessing officer as well as Ld. PCIT and have now been filed before us in the form of paper book and submitted that these documents had duly considered by the Assessing officer before accepting the returned income of the assessee. The Ld. AR, referring to the observation of the Ld. PCIT that there was two or three months gap between cash deposits and withdrawals, submitted that there was a gap of only 2 months between June and August 2010 while the remaining deposits had been made immediately after withdrawals. It was further submitted that even where there has been a gap in deposit of cash, there is no allegation of any foul play by the Ld. PCIT nor has there bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rival submissions and have also perused the material on record. We have also gone through the bank statement of the assessee which have been filed in support of the contention that most of the deposits had been made on the same day of withdrawals from the bank account. We find that the contention of the Ld. AR that except for the months of June to August 2010, where there was a gap, most of the deposits found in the bank account were after making the withdrawals on the same day. This leads credence to the contention of the Ld. AR that deposits in the bank were made from the withdrawals from the Post office account and the account with State Bank of India. Of course, there is no bar in depositing or withdrawing the amount unless and until s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 167 (Del.) in paragraph 17 has ruled that one has to keep in mind the distinction between 'lack of inquiry' and 'inadequate inquiry' and further if there was any inquiry, even inadequate, that would not by itself give occasion to the Commissioner to pass orders u/s. 263 of the Act, merely because he has a different opinion in the matter. It was further held by the Hon'ble Delhi High Court that if any Assessing officer, acting in accordance with law, makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have been written more elaborately. 8.2. Similar were the observation of the Hon'ble Delhi High Court in the case of ITO Vs. DG Hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee and before passing an order cancelling the assessment, he is supposed to conduct an inquiry himself or cause to make such an inquiry, as he deems fit/necessary. 8.5. As far as the invocation by the Ld. PCIT of Explanation 2 to section 263 of the Act is concerned, the Delhi Bench of the ITAT had an occasion to consider this aspect in the case of Amira Pure Foods Pvt. Ltd. Vs. Principal CIT (2017) 51 CCH 0473 (Delhi-Tribunal) wherein, the Delhi Bench, while relying upon the judgment of the Hon'ble Delhi High Court in the case of PCIT Vs. Delhi Airport Metro Express Pvt. Ltd. (ITA No. 705/2017) has held that Explanation 2 cannot be stated to have overridden the law as interpreted by various High Courts, where the High Courts ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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