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2022 (9) TMI 716 - Income Tax
Revision u/s 263 - period of limitation - Validity of reopening of assessment u/s 147- statutory time period for passing the order giving effect to the order passed under section 263 - AO failed to make verification/investigation in respect of the transaction in bogus long term capital gains/short term capital gains - HELD THAT:- From the copy of assessment order dated passed under section 147 r.w.s.144B furnished during the course of hearing, we find that the AO accepted the return income declared by the assessee and made no addition on the ground on which the reassessment proceedings u/s 147 of the Act were initiated.
Since, only the validity of the order passed u/s 263 of the Act is under challenge in the present case and in view of the current position of fact that no order has been passed by the AO, pursuant to the directions issued vide impugned order, within the time limit provided u/s 153(3) read along with the proviso and as extended by various notifications issued by the CBDT, as referred to hereinabove, the present appeal is rendered academic in nature, in the present case, and therefore, is dismissed as infructuous. However, liberty is granted to both the parties to seek recall of this order, if, at a later point of time, it is found that the order was, in fact, passed by the Assessing Officer pursuant to the directions issued vide impugned order dated 05/03/2020 passed under section 263. Appeal of assessee dismissed.