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2019 (6) TMI 1298 - HC - Income TaxRevision u/s 263 - in original assessment AO estimated net profit @ 7% which was reduced by CIT(A) @ 5% - subject matter of appeal - HELD THAT:- We are in no confusion to hold that there was no infirmity in the exercise done by the Commissioner, Income Tax II purportedly u/s 263 because the provisions of Section 263(c) suitably empowers the Commissioner to pass such order even if any appeal is pending but with a caveat, that the order passed under Section 263 shall govern only such matters which was neither a subject matter nor decided in appeal. It is not in dispute that issue on which the remand order was passed in purported exercise of powers vested in the CIT u/s 263 i.e. unsecured loans/creditors, was not a subject matter of appeal and obviously could not have because this issue had been decided by the statutory authority in favour of assessee. No infirmity in the exercise and since the order has been acted upon to result in the fresh assessment order, we leave it open for the assessee to question the same in accordance with law but finding no issues which are in the nature of substantial question of law we refuse to grant indulgence, to dispose in this appeal. Be noted that we have not expressed any opinion on the inter-party merits and the appellant shall be at liberty to raise all issues as he chooses to raise, to question the order passed on remand of the matter u/s 263.
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