TMI Blog2022 (7) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... n. Hence the contention of the Assessee is untenable. All the facts enumerated goes to show that foundation of enquiry qua claim of the Assessee is missing and the AO made the assessment order in cursory manner by conducting farce enquiry, which infact can not be termed as enquiry, hence we are of the considered view that in the instant case no enquiry qua issue involved, was done by the AO and therefore the Ld. PCIT was fully justified to reopen the case of the Assessee u/s. 263 of the ACT by holding the assessment order for A.Y. 2016-17 as erroneous and bad in law in so far as prejudicial to the interest of Revenue. Considering the conclusion drawn by Ld. PCIT and peculiar facts and circumstances of the case narrated above, we do no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led its reply and thereafter considering the reply of the Assessee and Assessment record, revised the assessment order u/s. 263 of the Act by observing that during the year under consideration the Assessee had deposited cash of Rs. 68,15,000/- in his saving bank accounts. It has been claimed by the Assessee that these deposits were made out of trading receipts and Girvi receipts. During the assessment proceedings, no specific questionnaire was issued. Even the bank account and reconciliation account were not obtained. Simply, the submissions and documents furnished by the Assessee were accepted and assessment was completed on returned income. Genuineness of deposits of Rs. 68,15,000/- were not properly examined. No cash book/bank book was f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 358/Agra/2019 decided on 14-06-2021) and specifically emphasised on para 9 and 10 of the order, wherein it was observed by the Hon'ble Tribunal: IX. The proceedings u/s. 263 were invoked by the Pr. Commissioner of Income tax arbitrarily, without any justified basis and the same are totally unwarranted and illegal. In order to invoke the provisions of section 263 two conditions are essential i.e., order should be erroneous and prejudicial to the interest of the revenue. In the instant case the order is neither erroneous nor prejudicial to the interest of revenue. In fact the assessing officer had completed the assessment keeping in view the guidelines instructions issued by the CBDT and making thorough inquiries in respect of issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of AO. The AO in the present case has not accepted the submissions of the assessee totally and has passed the order in after making several additions and disallowances on the issues involved impliedly after due application of mind. Hence, the very foundation for exercise of revisional jurisdiction is sorely missing in the present case. Reliance is placed on Torrent Pharmaceuticals Ltd. Vs. CIT (ITAT Ahmedabad) (2018) 173 Ltd. 0130 5. On the contrary the Ld. DR vehemently supported the impugned order and submitted that the order under challenge is a reasoned, logical and appropriate order under the facts and circumstances of the case. 6. Heard the parties and perused the material available on record. The case of the Assessee was ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;GIRVI receipts' and submitted that the Assessee had deposited the cash in his bank out of trading receipts of Rs. 31,68,203/- and Girvi receipts of Rs. 71,48,230/-. We have perused the said receipts and find that nothing appears and clear from the said documents. We observe that basic foundation of doing money lending business is 'Money Lending License', which the AO was supposed to take on record for consideration of the claim qua 'GirviReceips' but the AO failed to get and verify the requisite Licence'. Once the basic foundation i.e. 'Lending License' for doing money lending and taking 'GIRVI', is missing then Girvi receipts have no value. 6.3. It was also contended by the Assessee that the obse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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