TMI Blog2018 (1) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... , is unsustainable. The notices u/s 263 were properly served through affixture or otherwise. Further the law does not require the service of notice u/s 263 strictly as per the terms of section 282 of the Act. The only requirement enshrined in the provision is to give an opportunity of hearing to the assessee, which has been complied with in all such cases. Limitation period for passing order is to be counted from the date of passing the order u/s 147 read with sec. 143(3) and not the date of Intimation issued u/s 143(1) of the Act, which is not an order for the purposes of section 263. In all the cases, the orders have been passed within the time limit. The CIT having jurisdiction over the AO who passed order u/s 147 read with sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2013 of CITKol- 1, Kolkata passed u/s 263 of the Income Tax Act, 1961 (Act). 2. The Assessee is a private limited company. During the previous year relevant to A.Y. 2008-09, the assessee issued 2,18,000 shares of the face value of ₹ 10/- each at a premium of ₹ 190/- per share. A sum of ₹ 4,36,00,000/- was raised towards share capital and share premium. The assessee filed return of income declaring total income of ₹ 1,336/-. A notice u/s 148 of the Act was issued and an order u/s 148 r.w.s. 143(3) of the Act dated 23.12.2010 was passed. 3. By the impugned order the CIT in exercise of his powers u/s 263 of the Act held that while concluding the assessment u/s 148 of the Act, the AO failed to make proper enquirie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he enquiry conducted by him gives power to the CIT to revise such assessment order, by holding that :- i) the enquiry conducted by the AO in such cases can t be construed as a proper enquiry; ii) CIT u/s 263 can set aside the assessment order and direct the AO to conduct a thorough enquiry, notwithstanding the jurisdiction of the AO in making enquiries on the issues or matters as he considers fit in terms of section 142(1) and 143(2) of the Act, which is relevant only up to the completion of assessment ; iii) Inadequate inquiry conducted by the AO in the given circumstances is as good as no enquiry and as such, the CIT was empowered to revise the assessment order ; iv) The order of the CIT is not based on irrelevant consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation, no order can be passed u/s 263 in the name of the amalgamating company. But, where the intention of the assessee is to defraud the Revenue by either filing returns, after amalgamation, in the old name or otherwise, then the order passed in the old name is valid. H. Order passed u/s 263 on a non-working day does not become invalid, when the proceedings involving the participation of the assessee were completed on an earlier working day. I. Order u/s 263 cannot be declared as a nullity for the notice having not been signed by the CIT, when opportunity of hearing was otherwise given by the CIT. J. Refusal by the Revenue to accept the written submissions of the assessee sent after the conclusion of hearing cannot render t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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