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TMI Blog2023 (8) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... ns for the delay. After considering the contents of the condonation petition filed along with the affidavit and after hearing the learned DR, the delay in filing of this appeal by the assessee is condoned and the appeal is admitted for adjudication. 3. Although a number of grounds have been raised by the assessee, however, these all relate to the order of the learned PCIT passed u/s 263 of the I.T. Act setting aside the order passed by the Assessing Officer u/s 143(3) with a direction to the Assessing Officer for proper verification. 4. Facts of the case, in brief, are that the assessee is a private limited company engaged in the business of dialysis consumables and equipments. It filed its return of income on 31.10.2017 declaring total i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prevailing circumstances at that time as they were under the belief that they can accept the demonetized currency. It was further submitted that the Assessing Officer accepted the submission, therefore, addition was not made. It was accordingly requested to drop the proceedings initiated u/s 263 of the I.T. Act. 6. However, the learned PCIT was not satisfied with the arguments advanced by the assessee and set aside the order passed u/s 143(3) by invoking the provisions of section 263 of the Act observing as under: "4.1 The submissions of the taxpayer that the issue of deposit of demonetized currency into its bank account was accepted by the Assessing Officer is not correct as the same is not borne out of record. Assuming without acce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned above, objections on revision u/s 263 has been rejected. foregoing additional information like license issued by the Drug Control Authority and other related issues which have not been examined by the Assessing Officer, require necessary factual verification. Therefore, the issue of the deposit of Rs. 39,74,500/- is restored to the file of the Assessing Officer for his/her verification as per law, by giving two effective opportunities and pass an order as per law". 7. Aggrieved with such order of the learned CIT (A) the assessee is in appeal before the Tribunal. 8. We have heard the rival arguments made by both the sides and perused the record. It is an admitted fact that the assessee has made cash deposit of Rs. 39,74,500/- during ..... X X X X Extracts X X X X X X X X Extracts X X X X
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