9911796707
TMI Blog2025 (4) TMI 743X X X X Extracts X X X X X X X X Extracts X X X X ..... unjustified on facts and in law, illegal and liable to be quashed. 2. For that Ld. PCIT, erred in not appreciating that this was not a case of no enquiry of lack of inquiry. As such the order passed is unjustified, arbitrary and liable to be quashed. 3. For that no defect has been found by Learned. PCIT on the specific reason of Real Estate Business with High Closing Stock, the specific reason for which the case was selected for scrutiny under Computer Assisted Scrutiny Selection (CASS). Ld. PCIT also erred in pointing out how the view taken by Ld. AO was erroneous and prejudicial to the interest of the revenue. As such the order passed is unjustified and without any cogent basis. 4. For that Ld. PCIT erred in not appreciating that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the course of hearing were duly perused and considered. During the assessment year under consideration, the assessee was engaged in civil construction work under his proprietorship concern in the name and style of M/s Ashoka Builders and Developers, Hirapur, Dhanbad. It is further mentioned in the assessment order by the Assessing Officer that on going through the audited books of account, it was seen that the assessee had shown closing stock as work in progress to the tune of Rs. 12,37,58,750.43 for the financial year under consideration and when asked to explain the reasons for high closing stocks, the learned Authorised Representative (ld. AR) of the assessee submitted on 16/02/2019 that during relevant financial year, some projec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrive at the correct assessment of the income of the assessee with regard to (i) real estate business with high closing stock, (ii) enquiries and verification with regard to payment made to land owner amounting to Rs. 31,06,375/- and (iii) enquiries and verification with regard to source of advance of Rs. 10,42,27,450/-. The ld. PCIT further directed the Assessing Officer to make a fresh assessment taking into account the findings of the ld. PCIT on the aforesaid points. 5. Aggrieved by the order of ld. PCIT, this appeal has been filed before us. During the course of appellate proceedings before us, the appellant submitted as under: "During the course of assessment, the appellant duly appeared before the ld. AO and filed its audit repo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rce & Advance of Rs. 10,42,27,450/- received in lieu of allotment of flats. "That the appellant appeared before the PCIT Dhanbad and filed the details of all the aforesaid expenses with supporting documents and his explanation stating, inter alia, that almost all expenses were paid mostly through banking channels and the TDS, wherever applicable, was also deducted and deposited. In respect of source of advance he has submitted that the aforesaid amount of Rs. 10,42,27,450/- received in lieu of allotment of flats has been brought forward from the books of preceeding year and does not pertains to the year under consideration and further submitted that during the aforesaid assessment proceedings u/s 143(3) all the aforesaid supporting docume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evisit on the same issue which is not permissible under Section 263 of the Act as has been decided by the various courts including Hon'ble Apex Court. 6. The ld. CIT-DR for the revenue, on the other hand, reiterated what has been mentioned in the impugned order that enquiries and verifications were not made by the Assessing Officer regarding high closing stock, payment to land owners of Rs. 31,06,375/- and source of advance of Rs. 3,42,27,450/-. In response to the query made by the Bench that why the ld. PCIT himself did not make the enquiries during the proceedings under Section 263 as provided under Section 263(1) of the Act where it is mentioned as under: "263. (1) The Principal Chief Commissioner or Chief Commissioner or Principa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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