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2023 (2) TMI 121 - AT - Income TaxRevision u/s 263 - Jurisdiction of CIT when the matter is pending before the CIT(A) - unexplained share capital including share premium from Group of Companies - subject matter of reassessment order is also relates to addition on account of share premium and share capital received from different unlisted Companies - HELD THAT:- The assessee did not submit anything in both these orders. Appeals against both these orders are stated to be pending before the CIT(Appeals). CIT(Appeals) has the coterminus power with that of AO and if any error lies in the quantification of the alleged undisclosed income required to be added with the aid of section 68 that aspect can easily be gone through by the CIT(Appeals) under section 251(1)(a) of the Act. Since these items are subject matter of appeal before the 1st Appellate Authority, no action under section 263 ought to have been taken by the CIT by exercising revisionary power. We have highlighted the powers of ld. CIT(A) for deciding the appeals and the subject matter of the appeals pending before the ld. CIT(Appeals) relates to quantification of the share capital including share premium received by the assessee. It is not a separate issue, which has to be taken care in revisionary jurisdiction. It can easily be examined by the ld. 1st Appellate Authority while deciding the appeals against the above two assessment orders. Therefore, we allow this appeal of the assessee and quash 263 order. The observations made by us will not impair or injure the case of ld. Assessing Officer and will not cause any prejudice to the defence/explanation of the assessee in the quantum appeals pending before the ld. CIT(Appeals). The provision of the Income Tax Act discussed by us is only with the angle to bring the point at home that no 263 action can be taken up in such type of issues. Appeal of the assessee is allowed.
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