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2021 (11) TMI 240 - AT - Income TaxRevision u/s 263 by CIT - CIT jurisdiction to revise the order passed by the A.O u/s 143(3) r.w.s 153A - AO had short assessed the assessee”s income by restricting the addition u/s 68 as regards the bogus transactions of sale of shares only to the extent of the capital gain instead of the alleged sale proceeds credited in his bank account; and short assessed the addition u/s 69C as regards the commission alleged to have been paid by the assessee to accommodation entry providers to facilitate the bogus sale transactions by quantifying the same on the basis of the capital gain and not the amount of sale consideration - HELD THAT:- As both the issues in question on the basis of which the Pr.CIT had assumed jurisdiction u/s 263 of the Act had been considered and decided in appeal by the CIT(A), therefore, the Pr.CIT was clearly divested of his jurisdiction to have exercised the revisional jurisdiction vested with him u/s 263 of the Act as regards the said issues. We, thus, in terms of our aforesaid observations set-aside the order passed by the Pr.CIT u/s 263 and restore the order passed by the A.O u/s 143(3) r.w.s 153A.- Decided in favour of assessee.
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