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2020 (1) TMI 1565 - AT - Income TaxRectification of mistake - Revision u/s 263 - revision proceedings on issue of "inadequate enquiries w.r.t share capital raised" by the assessee company - Pursuant to search proceedings and centralization of records, the assessee company was subjected to detailed scrutiny for the relevant assessment year by jurisdictional Assessing Officer (Central Circle) who after making detailed enquiries and verification passed order u/s 153A and this relevant fact was not considered by the Hon'ble Bench , hence this Misc. Application filed - HELD THAT:- Tribunal has restored an ex-parte order passed by the ld. Commissioner of Income Tax, Kolkata-III, Kolkata u/s 263 of the Income Tax Act, 1961 dated 28.03.2013, on the grounds of violation of principles of natural justice to the file of the ld. CIT, Kolkata-III for fresh adjudication in accordance with law. The pleading of the ld. Counsel for the assessee that, such a restoration of the proceedings to the file of the Commissioner of Income Tax, Kolkata-III, Kolkata would not be proper and legal, for the reason that the proceedings had got barred by limitation was rejected by the Tribunal. In this Miscellaneous Application the assessee submits that adequate enquiries with regard to rising of share capital were conducted subsequently by the assessing authorities, in a post search assessment proceedings which culminated into assessment order u/s 153A r.w.s. 143(3) of the Act for the very same assessment year was passed on 23.03.2015 and hence the order passed u/s 263 of the Act by the Commissioner of Income Tax, Kolkata-III, Kolkata is bad in law, has to be rejected for the reason that, there is no mistake apparent on record in the impugned order of the Tribunal dated 01.10.2019. Whether adequate enquiries were conducted in the subsequent proceedings u/s 153A r.w.s. 143(3) of the Act or not, was not a subject matter before us. The Commissioner of Income Tax, Kolkata-III, Kolkata may consider these arguments before passing the order u/s 263 dated 28.03.2013. Hence this Miscellaneous Application is rejected as devoid of merit.
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