TMI Blog2010 (10) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... and consequently the C.I.T. could not have invoked jurisdiction under Section 263 of the Act. In the facts of the present case, no fault could be found with the A.O. in giving effect to the order of CIT (A). Consequently, the CIT could not invoke jurisdiction under Section 263 of the Income-tax Act on the ground that the assessment under Section 153A read with Section 143 (3) was erroneous or prejudicial to the interests of revenue. Thus decision of the Tribunal in quashing the order of C.I.T. passed under Section 263 of the I.T. Act cannot be faulted. Appeal dismissed. - INCOME TAX APPEAL NO.36 OF 2009 - - - Dated:- 29-10-2010 - J.P.DEVADHAR AND A.B. CHAUDHARI, JJ. Shri A.S. Jaiswal, Advocate for the appellant. S/Shri Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income (loss) at ₹ 43,02,246/- as originally assessed on 29/12/2000. There is no dispute that the order of Commissioner of Income Tax (A) deleting the concealed income has attained finality. 5) The Commissioner of Income Tax was of the opinion that the total income computed in the assessment order passed under Section 153(A) of the Income-Tax Act after giving effect to the order of Commissioner of Income Tax (A) being less than 30% of the book profit, the Assessing Officer ought to have computed the total income by invoking Section 115JA of the IT Act. The Commissioner of Income Tax was also of the opinion that the deduction allowed under Section 80HHC in the original assessment order dated 29/12/2000 was not in accordance with la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A stand abated and the Assessing Officer is obliged to pass fresh assessment/reassessment orders and determine the total income afresh for those assessment years. In the present case, according to Mr. Jaiswal, the assessment order passed under Section 153 A read with Section 143(3) of the Income- Tax Act is erroneous and prejudicial to the interests of the revenue because, firstly, the A.O. had only determined undisclosed income and had not determined the total income which is the mandate of Section 153A of the Income-tax Act. Secondly, the total income computed after giving effect to the order of Commissioner of Income-tax (A) being loss which less than 30% of the book profit, the A.O. ought to have computed book profit as per Section 115J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... introduce Sections 153A, 153B and 153C in the IT Act. 9) What Section 153A contemplates is that, notwithstanding the regular provisions for assessment/reassessment contained in the IT Act, where search is conducted under Section 132 or requisition is made under Section 132A on or after 31/5/2003 in the case of any person, the Assessing Officer shall issue notice to such person requiring him to furnish return of income within the time stipulated therein, in respect of six assessment years immediately preceding the assessment year relevant to the previous year in which the search is conducted or requisition is made and thereafter assess or reassess the total income for those assessment years. The second proviso to Section 153A provides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vived is the pending assessment/reassessment proceedings which stood abated as per section 153A(1). 11) In the present case, as contended by Shri Mani, learned counsel for the assessee, the assessment for the assessment year 1998-99 was finalised on 29-12-2000 and search was conducted thereafter on 3-12-2003. Therefore, in the facts of the present case, initiation of proceedings under Section 153A would not affect the assessment finalised on 29-12-2000. 12) Once it is held that the assessment finalised on 29.12.2000 has attained finality, then the deduction allowed under section 80 HHC of the Income-tax Act as well as the loss computed under the assessment dated 29-12-2000 would attain finality. In such a case, the A.O. while passing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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