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TMI Blog2023 (1) TMI 1340X X X X Extracts X X X X X X X X Extracts X X X X ..... to as the 'Act'). 2. The assessee in this appeal has taken the following grounds of appeal: "1. For that the order dated 29th August 2019 passed by the Commissioner of Income Tax (Appeals) (in short, CIT(A)) is illegal, arbitrary, erroneous so far it relates to adjudication of ground 1 raised in appeal. Ground 1 raised in appeal is purely a question of law while the CIT(A) had erred in dealing with and adjudicating the same as a question of fact. 2. For that the CIT(A) failed to observe that the Assessing Officer (in short, AO) has not assessed the income at Rs.2,52,03,200/- in its Order under Section 143(3), but has considered the returned income at Rs. 2,52,03,200/- emanating from the original return filed on 30.10.2015, and thereup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issues: (i) Large increase in investment in unlisted equities during the year and, (ii) Mismatch in sales turnover reported in Audit Report and ITR. 4. During the assessment proceedings, the assessee duly explained the aforesaid two issues to the Assessing Officer, whereupon, the Assessing Officer got satisfied and did not make any addition in respect of the aforesaid two issues. However, the Assessing Officer made addition on account of disallowance of Rs.61,388/- u/s 14A of the Act. However, the Assessing Officer while completing the assessment taken the assessed income as per the original return filed and not as per the revised return stating that the assessee's original return of income was selected for scrutiny assessment. 5. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scrutinise any other issue also including the withdrawal of interest income, which the assessee claimed to be erroneously offered, the Assessing Officer could have got converted the limited scrutiny assessment into full assessment by getting permission from the competent authority. Even otherwise, the Assessing Officer has merely taken the returned income as per original return of income without making any disallowance in respect of above issue in the revised return of income. Therefore, the action of the lower authorities in taking the returned income as per original return of income is not justified as the assessee had already filed a valid revised return within the statutory period and has also explained the issues satisfactorily to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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