{"id":63644,"date":"2026-08-03T23:18:39","date_gmt":"2026-08-03T17:48:39","guid":{"rendered":"https:\/\/itatonline.org\/digest\/j-m-g-green-promoters-and-developers-v-pr-cit-2024-164-taxmann-com-1018-2025-122-itr-426-chd-trib\/"},"modified":"2026-08-03T23:18:39","modified_gmt":"2026-08-03T17:48:39","slug":"j-m-g-green-promoters-and-developers-v-pr-cit-2024-164-taxmann-com-1018-2025-122-itr-426-chd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/j-m-g-green-promoters-and-developers-v-pr-cit-2024-164-taxmann-com-1018-2025-122-itr-426-chd-trib\/","title":{"rendered":"J M G Green Promoters and Developers v. Pr. CIT [2024] 164 taxmann.com 1018 \/ (2025) 122 ITR 426 (Chd.)(Trib.)"},"content":{"rendered":"<p><strong>\u00a0<\/strong><\/p>\n<p>The Principal Commissioner revised the assessment on the ground that the Assessing Officer had not examined the source of capital introduced by the partners. The Tribunal held that the assessee-firm was in its first year of business and the burden to explain the source of capital contribution rested upon the partners in their individual capacity. Any addition, if warranted, could be made only in the hands of the partners and not in the hands of the firm. Accordingly, the assessment of the firm could not be treated as erroneous and prejudicial to the interests of the Revenue. The assessee explained that the cash deposits in its bank account represented cash receipts from sale of small plots and showrooms. The Assessing Officer examined the books of account, cash book, sales records, bills and vouchers and accepted the explanation. The Tribunal held that once the books of account and cash sales had been accepted, the Principal Commissioner could not selectively question individual cash deposits. Revision on this issue was therefore unsustainable. The assessee contended that the revision was initiated solely on the basis of an internal audit objection. The Tribunal held that there is no legal bar to the Principal Commissioner acting upon information received from the internal audit, provided he independently applies his mind before invoking section 263. The objection was therefore rejected. The Tribunal observed that the assessee had not challenged the revision relating to the unsecured loan received from one creditor. Consequently, that issue was left open and restored to the Assessing Officer for fresh examination in accordance with law.\u00a0\u00a0 (AY. 2012<\/p>\n<p>-13).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263: Commissioner-Revision of orders prejudicial to revenue-Capital introduced by partners-Burden to explain source lies on partners-Assessment of firm not erroneous-Cash deposits in bank-Cash sales recorded in books and accepted-Revision invalid-Audit objection-Internal audit information can form basis-Independent application of mind by Principal Commissioner sufficient-Unsecured loan-Issue not challenged by assessee-Matter restored to Assessing Officer.[S.68, 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-63644","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gyw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=63644"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63644\/revisions"}],"predecessor-version":[{"id":63645,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/63644\/revisions\/63645"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=63644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=63644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=63644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}