Punjab & Haryana HC
reverses ITAT order, upholds CIT’s revisionary order u/s. 263 resulting in
enhancement of assessee’s income for AY 2008-09; Takes note of CIT’s
observations that AO had failed to reject books of accounts despite assessee’s
own admission that there were discrepancies in the books, as well as a huge
surrender of additional income of Rs. 2.15 cr. had been made during the survey;
Further, taking note of the drastic fall in the GP rate as well as the net
profit rate as compared to earlier years, CIT had remarked that ,“This further
indicates that the assessee has adopted a method to offset the amount
surrendered,” and that AO had simply accepted assessee’s explanations without
independent application of mind; In light of above, HC upholds CIT’s order u/s.
263 and forthwith directs Registry to forward this ruling copy to CBDT to issue
necessary instructions to all AOs in cases of survey / search and seizure
operations especially where surrender or concealment has been detected, to
ensure proper scrutiny of such cases; States that CBDT directive should require
AO “to discuss reasons for rejecting or accepting the books of account of the
assessee and not to merely record in slipshod or cursory manner that ‘the books
of account produced and test checked’ as done by the AO in the present case.”:HC
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