9911796707
TMI Blog2023 (11) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... e is delayed by 51 days in filing the appeal before the Tribunal due to outbreak of Covid-19 pandemic. Accordingly, the delay of 51 days in filing the appeal is condoned and admitted the appeal for adjudication. 3. Brief facts of the case are that the assessee filed the return of income for the assessment year 2016-17 on 31.03.2017 admitting total income of Rs..10,28,290/-. The case of the assessee was selected for limited scrutiny by CASS the reason being "low closing stock shown in profit & loss account as compared to preceding year and return of income filed after 07.11.2016 and cash deposit reported in SFT-14". The Assessing Officer issued notice under section 143(2) of the Act dated 18.09.2017. Subsequently, the Assessing Officer issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct and directed the Assessing Officer to examine and decide the issues afresh by making proper enquiry after affording opportunity of being heard to the assessee. 5. On being aggrieved against the revision order passed under section 263 of the Act dated 18.03.2021, the assessee preferred further appeal before the Tribunal. The ld. Counsel for the assessee has submitted that the Assessing Officer has examined the entire issues and by considering the explanations of the assessee, the assessment order was completed under section 143(3) of the Act. The ld. PCIT, by exercising the power conferred under section 263 of the Act set aside the assessment order only on the ground that sufficient enquires are not made. The ld. Counsel has submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer for which the return filed by the assessee was selected for "Scrutiny". 8. Against the notice under section 263 of the Act, before the ld. PCIT, the assessee has explained that the assessee was engaged in real estate business and sold plots during the year for a total consideration of Rs..3,03,46,301/- and the same has not been reflected in the bank account of the assessee for the reason that the sale proceeds of the plots are cash sales only. On an overall examination of the records, the ld. PCIT has correctly observed that no proper examination/verification was done by the Assessing Officer while passing the assessment order under section 143(3) of the Act on the above issue and the Assessing Officer had passed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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