Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (5) TMI 1290 - CALCUTTA HIGH COURTRevision u/s 263 for order passed u/s 154 - Chargeability of taxation u/s 115QA - Tribunal noted that PCIT has exercised its revisional jurisdiction in respect of an order passed under Section 154 of the Act, even when the subject matter of revision did not at all arise out of the said rectification order passed - HELD THAT:- The issue was pertaining to levy of tax under Section 115QA, which was examined by the assessing officer in the assessment proceedings. The Tribunal noted that assessment order having been passed on 28.12.2017, PCIT could have exercised its jurisdiction u/s 263 not later than 31.03.2019. PCIT exercised its jurisdiction on 10.06.2020, which is barred by limitation in respect of the assessment order, which was passed on 28.12.2017. That apart, the Tribunal noted that the assessee in the original assessment proceedings demonstrated that the provision of Section 115QA was not applicable to their case as the explanation to Section 115QA (1) as applicable prior to 01.06.2016. Buy-back means, the purchase by the companies of its own shares in accordance with the provisions of the Section 77 of the Companies Act. Thus, Tribunal noted that as per the said provision in force during the relevant assessment year, the buy-back pursuant to order of Company Law Board will appear under Section 402 of the Companies Act was not included. Therefore, the Tribunal on fact held that the PCIT was not justified in invoking the provisions of Section 263 of the Act. Thus, we find that the Tribunal having examined the jurisdictional issue as well as on facts allowed the appeal filed by the assessee. No substantial questions of law
|