Saurabh Sumant Patwa and Kalpana Saurabh Patwa vs. Pr.CIT-3

Parties Involved

Facts Summary

The assessees, Saurabh Sumant Patwa and Kalpana Saurabh Patwa, filed their returns of income for the Assessment Years 2015-16 and 2017-18. The case pertains to the reassessment of their income based on allegations of undisclosed 'on-money' payments made for the purchase of a property in the Kalhaar Blues and Greens project. The assessees denied making any such payments and provided documentary evidence to support their claims. The Principal Commissioner of Income Tax (PCIT) had set aside the orders of the Assessing Officer (AO) and passed orders under Section 263 of the Income Tax Act, 1961, which the assessees appealed against. The Tribunal found that the AO had conducted a proper inquiry and accepted the assessees' explanations, and there was no direct evidence to substantiate the allegations. The Tribunal quashed the orders passed by the PCIT and allowed the appeals.…

Legal Issues

• 1. Whether the order passed by the Ld. PCIT under Section 263 of the Act is justified?
• 2. Whether the AO's order was erroneous and prejudicial to the interest of the Revenue?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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