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Facts
The assessee filed an appeal, accompanied by an application for condonation of delay, challenging an order dated 22.03.2024 passed by the PCIT under Section 263. The PCIT's order had set aside the Assessing Officer's assessment order for AY 2019-20, which included an addition of Rs. 39,73,614/- for cash difference found during a survey under Section 133A, on the grounds that the AO's order was erroneous and prejudicial to the interest of the Revenue.
Held
During the hearing, the Ld. AR for the appellant submitted a request to dismiss the appeal and the application for condonation of delay as withdrawn. The Tribunal acceded to this request and accordingly dismissed both the application for condonation of delay and the appeal as having been withdrawn.
Key Issues
Whether the PCIT's order setting aside the assessment order under Section 263 was valid, and whether the appeal along with the application for condonation of delay should be dismissed as withdrawn based on the appellant's submission.
Sections Cited
263, 133A
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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B-Bench” JAIPUR
Before: SHRI GAGAN GOYAL, AM & SHRI NARINDER KUMAR, JM
vkns'k@ORDER PER: NARINDER KUMAR, JUDICIAL MEMBER .
On 10.08.2024, present appeal accompanied by an application seeking condonation of delay came to be presented, while challenging order dated 22.03.2024, passed by Learned PCIT u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”).
Sh. Roop Singh Gurgar, Bhiwadi 2. Vide impugned order, Learned PCIT set aside order dated 27.09.2021, passed by the Assessing Officer as regards the assessment year 2019-20, and at the same time directed the Assessing Officer to make necessary verification in respect of observations made in the order, after allowing reasonable opportunity to the assessee.
Vide above-said assessment order, the Assessing Officer assessed total income of the assessee at Rs. 1,16,75,424/-, while making an addition of Rs. 39,73,614/-, on account of difference in cash found during survey, which was carried out on 28.02.2018, u/s 133A of the Act at the business premises of the assessee firm.
Learned PCIT set aside the above said assessment order while observing that the same was erroneous in so far as it was prejudicial to the interest of the Revenue.
Hence, this appeal and the accompany application.
When the matter was taken up for hearing, Ld. AR for the appellant submitted that the same may be dismissed as having been withdrawn. In view of the submission made by Ld. AR, the application seeking condonation of delay as well as the appeal are dismissed as having been withdrawn.