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TMI Blog2024 (5) TMI 1526X X X X Extracts X X X X X X X X Extracts X X X X ..... ionary proceeding and set aside the assessment to make requisite enquiry and proper verification and without determining how the order of is erroneous and prejudicial to interest of revenue. 2. That the assessment order having been passed after making due enquiry & due application of mind and taking into consideration the various replies, material on record for year under consideration and the action restored to by the Pr. CIT for imposing his opinion is unwarranted and uncalled. 3. Briefly the facts of the case are that the assessment was completed under section 143(3) r.w.s 147 dt. 20/09/2018 at an assessed income of Rs. 2,75,270/-. Thereafter the assessment records were called for by the ld PCIT and a show cause u/s 263 dt. 26/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee wherein an amount of Rs. 10,50,000/- was deposited during the F.Y. relevant to the impugned assessment year. It was submitted that in response to the notice u/s 148, the assessee filed his return of income declaring total income of Rs. 2,66,040/- under section 44AD of the Act, and regarding cash deposit of Rs. 10,50,000/-, it was submitted that the same has been given to him by his mother who has sold a plot of land and relevant documents in support of land transaction were duly submitted during the course of assessment proceedings. 5.2 Further, our reference drawn to the findings of the AO at para 2 of the assessment order passed u/s 147 r/w 143(3) and the contents thereof read as under: "2. The information furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue, the market value of the property was Rs.. 3,27,70,000/- 4. Since the assessee did not offer capital gains arising out of the sale of the property, in the return of income for the assessment year 2009-10, the case was re-opened by the Assessing Officer under Section 148 of the Act, after issuing notice under Section 147 of the Act. 5. The assessment proceedings were completed under Section 143(3) read with Section 147 of the Act 6. However, the jurisdictional Commissioner of Income Tax issued a show cause notice under Section 263 of the Act, dated 06.02.2017, claiming that the assessment order was erroneous and prejudicial to the interest of revenue and that it had resulted in an under-assessment of short term capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment was completed under Section 143(3) of the Act. In such circumstances, what the Commissioner attempted to do by invoking Section 263 of the Act was only to reappreciate the facts. Since it is not permissible, the appeal does not give rise to any substantial question of law. Hence, it is dismissed." 6. Per contra. the Ld. CIT/DR has relied on the order of the Ld. PCIT and our reference was drawn to the findings of the Ld. PCIT which are contained at para 4.1 of the impugned order which read as under: "4.1 The facts of the case are that the assessee has made cash deposit of Rs. 10.50 Lakh in his SB account. During the assessment proceeding, in response to a query in this regard by the Assessing Officer, the assessee claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessing officer is therefore erroneous in so far as it is prejudicial to the interest of revenue." 7. We have heard the rival contentions and perused the material available on record. It is an admitted and undisputed position that the case of the assessee was reopened u/s 147 to verify the cash deposit of Rs 10.50 lacs in the bank account maintained by the assessee. In the proceedings so followed, the AO has enquired about the cash so found deposited in the bank account and the assessee in turn has filed his explanation and necessary documentation in support thereof. Thereafter, the AO in the reassessment order so passed u/s 147 r/w 143(3) has recorded a clear finding of having verified the explanation so submitted by the assessee a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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