GOURI SHANKAR JAIN HUF ,KOLKATA vs. P.C.I.T-11, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri S.S. Godara, Hon’Ble) Assessment Year: 2014-15 M/S. Gouri Shankar Jain Huf…………….…………………................................……………….….........Appellant C/O. Agarwal Vishwanath & Associates 133/1A, S.N. Banerjee Road Pushkal Bhawan 3Rd Floor Kolkata – 700 013 [Pan : Aachg 9644 L] Vs. Principal Commissioner Of Income Tax-11, Kolkata…..………...…..................……………..Respondent Appearances By: Shri Ankit Jalan, Advocate, Appeared On Behalf Of The Assessee. Shri Ram Bilash Meena, Cit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : October 1St, 2020 Date Of Pronouncing The Order : November 25Th, 2020 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Principal Commissioner Of Income Tax - 11, (Hereinafter The “Ld. Pr. Cit”), Passed U/S. 263 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 15/03/2019, For The Assessment Year 2014-15. 2. There Is A Delay Of 27 (Twenty Seven) Days In Filing Of This Appeal. After Perusing The Petition For Condonation Of Delay, We Are Convinced That The Assessee Was Prevented By Sufficient Cause In Filing The Appeal In Time. Hence, We Condone The Delay & Admit This Appeal. 3. The Assessee Is A Huf & Had Filed Its Return Of Income For The Assessment Year 2014-15 On 29/11/2014, Declaring Total Income Of Rs.15,08,400/-. The Case Was Selected For Scrutiny Under Cass For The Reason That It Had Low Net Profit Or Loss Shown From Large Gross Receipts. The Assessment Was Completed U/S 143(3) Of The Act On 20/12/2016. Later, The Ld. Pr. Cit, Revised The Assessment U/S 263 Of The Act After Issuing Showcause Notice On 28/02/2019. The Reasons For Revision Are Given In Para 4 Page 2 Of The Order U/S 263 Of The Act, Passed By The Ld. Pr. Cit, Which Is Extracted For Ready Reference:-

Section 43B of the Act, does not apply. He referred to the audit report issued u/s 44A the audit report issued u/s 44AB of the Act, specifically to Column 26, wherein, the tax lumn 26, wherein, the tax auditor had clearly stated that the indirect tax has not passed through the profit and auditor had clearly stated that the indirect