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2023 (6) TMI 1275 - ITAT KOLKATARevision u/s 263 - as per CIT(A) assessment order passed u/s 147 of the Act as erroneous and prejudicial to the interest of the revenue - As assessee company had a balance of investments in unquoted shares on which it had earned a dividend income which the assessee company had claimed as “exempt income” in the return filed in response to the notice u/s 148, but AO had not made any disallowance u/s 14A of the Act r.w.r. 8D - HELD THAT:- Assessment was reopened on a particular issue of having received of Rs. 10,00,000/- as accommodation entry from entry provider, whose statement was recorded in a search action exercised in the case of some third party. AO examined that particular issue and made addition in respect of the said entry received by the assessee. The issue relating to any other transaction was not the subject matter of the reassessment proceedings. Assessment in this case was reopened to examine a particular issue and that issue was examined by the Assessing Officer and the addition was made and ultimately the matter was settled by the assessee by availing Vivad Se Viswas Scheme. The items/issue on which the PCIT has sought to revise the order were not the subject matter of the reassessment order, therefore, in the light of the decision of Alagendran Finance Ltd [2007 (7) TMI 304 - SUPREME COURT] it cannot be said that the reassessment order passed by the AO was erroneous, therefore, the revision jurisdiction exercised by the ld. PCIT, in this case, cannot be held to be justified. Decided in favour of assessee.
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