SHRI AKHILESH JAIN,RAIPUR vs. PR. CIT-1, RAIPUR

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ITA 60/RPR/2021Status: DisposedITAT Raipur01 April 2022AY 2016-1710 pages
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What did the Tribunal hold?

The Tribunal held that the AO had made sufficient inquiries into the cash receipts and closing balance, and the assessee had provided satisfactory explanations and supporting documents. The PCIT's revisionary order was found to be based on surmise and conjecture without refuting material, and therefore, unsustainable in law.

What were the facts?

The assessee's income tax return was selected for limited scrutiny to verify the closing cash balance. The Assessing Officer (AO) completed the assessment accepting the declared income after the assessee provided explanations and documents. The Principal Commissioner of Income Tax (PCIT) invoked revisionary powers under Section 263, deeming the assessment order erroneous due to insufficient inquiry into the cash position.

What were the issues?

Whether the PCIT's revisionary order under Section 263 was justified when the AO had already conducted inquiries and accepted the assessee's explanation regarding the cash balance.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 142(1),Section 133(6)

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI RAVISH SOOD & SHRI JAMLAPPA D. BATTULL

For Appellant: Shri S. R. Rao
Pronounced: 01/04/2022

आदेश की प्रधिधलधप अग्रेधर्ि / Copy of the Order forwarded to :

1. 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent.

3. The CIT (Appeals), Raipur (C.G) 4. The Pr. CIT, Raipur (C.G) 5. दवभागीय प्रदतदनदि,आयकर अपीलीय न्यायादिकरण, रायपुर बेंच, रायपुर / DR, ITAT, Raipur Bench, Raipur. 6. गार्डफ़ाइल / Guard File. आिेशानुसार / BY ORDER,

दनजीसदचव / Private Secretary आयकर अपीलीय न्यायादिकरण, रायपुर बेंच, रायपुर / DR, ITAT, Raipur ITAT-Raipur Page 10 of 10

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