Naveen Narang Vs PCIT (Central) (ITAT Delhi)
ITAT Delhi held that error of bringing an amount of Rs.12,10,692/- to tax instead of the undisclosed amount of Rs.27,00,00,000/- is assessment made without proper enquiry and hence assessment order is erroneous and prejudicial to revenue so revision order u/s. 263 sustained.
Facts- Original return of income u/s 139 of the Income-tax Act, 1961 was filed on 30/07/2016 declaring income of Rs 57,91,510/-. A search and seizure action u/s 132 of the Act was carried out in the case of the assessee on 14/10/2020. Notice u/s 153A of the Act was issued by the AO on 4/6/2021 in response to which the assessee filed the return of income declaring the same income of Rs 57,91,510/- as was originally declared in the return of income filed u/s 139 of the Act. The assessing officer completed the assessment u/s 153A/143(3) on 30/03/2022 at income of Rs 14,93,82,868/- after making certain additions against which the assessee has filed appeal before CIT(A) which is pending on the additions made.
PCIT issued notice dated 26/03/2024 u/s 263 of the Act asking the assessee to show cause as to why the aforesaid assessment order dated 30/03/2022 should not be revised as the same was erroneous and prejudicial to the interest of the revenue. PCIT did not agree with the contentions of the assessee and passed order dated 30/03/2024 u/s 263 of the Act. Being aggrieved, the present appeal is filed.
