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Religare Finvest Ltd Versus Commissioner of Income Tax

2015 (5) TMI 121 - DELHI HIGH COURT

Revision u/s 263 - a complete consideration of the record would reveal that the expenditures claimed were in respect of payments made to related party transactions which had not been taken into consideration at the original assessment stage - Held that:- CIT's order does not address the appellant's objections both as to the assumption of jurisdiction as well as the merits. As is evident from the operative portion of the CIT's order itself, the merits were remitted for consideration t .....

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assumption of jurisdiction as well as the merits of the items sought to be taxed in the revisional proceedings - Decided in favour of assessee. - ITA No. 297/2013 - Dated:- 17-4-2015 - S. Ravindra Bhat And R. K. Gauba,JJ. For the Appellants : Shri Ajay Vohra, Sr Adv., Ms Kavita Jha & Shri Vivek Bansal, Advs. For the Respondents : Shri Kamal Sawhney, Sr Standing Counsel, Shri Shikhar Garg & Shri Mukul Mathur, Advs. ORDER 1. The grievance of the appellant is that the notice of the CIT date .....

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nder Section 263 of the Income Tax Act, 1961 (hereafter referred to as "the Act") issued Show Cause Notice dated 03.09.2009, alleging that the said three heads claimed were allowed without due enquiry by the Assessing Officer (AO). The assessee resisted the notice; by order dated 21.01.2010, the CIT rejected the objections and directed the AO to decide afresh the issue of allowability of total expenditure of ₹ 1,64,61,096/-. The Income Tax Appellate Tribunal (ITAT) to whom the as .....

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es that though innocuous, the remand has not addressed the assessee's basic grievance against the CIT's notice under Section 263 assuming jurisdiction. It is pointed out that the assessee had in the original proceedings at the stage of assessment filed written submissions which were also produced before the ITAT and that the ITAT upheld the CIT's assumption of jurisdiction in an earlier part of the order as is evident from the observations that, "the observations of learned CIT .....

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