SHRI GAUTAM R. DESAI,VALSAD vs. THE PR. CIT, VALSAD

ITA 885/AHD/2017Status: DisposedITAT Surat11 December 2018AY 2009-107 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO had made sufficient inquiries regarding the cash deposits by issuing notices under Section 142(1) and examining the bank statements provided by the assessee. Therefore, the invocation of Section 263 was not permissible.

What were the facts?

The assessee's appeals were against the Principal Commissioner's order invoking Section 263. The PCIT alleged that the Assessing Officer (AO) had passed the assessment order without making sufficient inquiries regarding cash deposits in bank accounts.

What were the issues?

Whether the revisionary power under Section 263 was correctly invoked by the PCIT when the AO had made sufficient inquiries during the assessment proceedings.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 147,Section 142(1)

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Income Tax Appellate Tribunal, SURAT

Before: SHRI C.M.GARG & SHRI O.P.MEENA

PER C.M.GARG, JUDICIAL MEMBER:

These three appeal filed by the Assessee against the order of Principal Commissioner of Income Tax, Valsad(‘CIT(A)’ for short) all dated 27.03.2017 for the Assessment Years(A.Y) 2007-08, 2008-09 and 2009-10. 2. The ld.Assessee’s Representative submitted that the assessee does not want to applications seeking admission of additional ground in 2 ITA No’s.883 to 885/Ahd/2017/SRT (A.Y’s: 2007-08 to 09-10) Gautam Ratilal Desai all

The order continues below.

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