LORD VISHNU CONSTRUCTION PVT LTD,PATNA vs. PR. CIT-1, PATNA
In the result, appeal of the assessee is partly allowed
ITA 23/PAT/2022[2017-18]Status: DisposedITAT Patna22 May 2024AY 2017-18
Bench: Shri Sonjoy Sarma, Hon’Blei.T.A. No. 23/Pat/2022 Assessment Year: 2017-18 Lord Vishnu Constructions Principal Commissioner Of Income Tax-1, Private Limited Vs Patna 101, Lotus Apartment New Patliputra Colony Patna - 800013 [Pan: Aabcc5141M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Nishant Maitin, C.A. Revenue By : Shri Sushil Kumar Mishra, Jcit D/R सुनवाई क" तारीख/Date Of Hearing : 07/03/2024 घोषणा क" तारीख /Date Of Pronouncement: 22/05/2024 आदेश/O R D E R Per, Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax, Patna -1 (Hereinafter The “Ld. Pr. Cit”) Dt. 18/10/2022, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. Through Various Grounds Of Appeal, The Assessee Has Assailed The Order Of The Ld. Pr. Cit Framed U/S 263 Of The Act. Facts In Brief Are That The Assessee Is A Private Limited Company Engaged In Construction Business. The Regular Return Of Income Furnished Was Selected For Scrutiny Through Cass On Account Of Two Reasons, Namely, “Abnormal Increase In Cash Deposit During
For Appellant: Shri Nishant Maitin, C.AFor Respondent: Shri Sushil Kumar Mishra, JCIT D/R
Section 263Section 40A(3)Section 69A
Section 40A(3) of the Act alleging that the assessee had made payments to a single partly on each day not exceeding Rs.20,000/-, we note that the assessee’s case was selected for limited scrutiny through CASS only for two reasons, namely, “Abnormal increase in cash deposit during demonetization period as compared to pre-demonetisation period” and “High ratio
