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TMI Blog2020 (3) TMI 1072X X X X Extracts X X X X X X X X Extracts X X X X ..... or the AY: 2002-03. WTA No.01/Hyd/2012 is filed against the order of the Ld. Commissioner of Wealth Tax (Central), Hyderabad in order No. CIT(C)/25/52/11-12, dated 26/03/2012 passed U/s. 25 Wealth Tax Act, 1957 for the AY 2002-03. Since both these appeals are filed by the assessee for the AY 2002-03 and they being interconnected the appeals are heard together and disposed off by this common order. ITA No.746/Hyd/2012 (AY 2002-03) 2. In this appeal, the assessee has raised several grounds however, the crux of the issue is that the Ld. CIT (Central), Hyderabad has erred by invoking his powers U/s. 263 of the Act and erred by holding that the order of the Ld. AO (DCIT, Central Circle, Hyderabad) passed U/s. 143(3) r.w.s 147 is erroneous and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he interests of the Revenue. Accordingly, the Ld. CIT issued show cause notice to the assessee by invoking the provisions of section 263 of the Act mentioning his observations relating to an amount of Rs. 1122 crores shown as opening balance under the head 'suspense account' and issues related to diversion of ADS proceeds. In response to the show cause notice, the assessee objected for invoking of the provisions of section 263 Act since on the earlier occasion the assessment was completed U/s. 143(3) r.w.s. 147 of the Act wherein all these aspects were considered by the Ld.AO. 5. However, on perusing the facts and circumstances of the case and the submissions of the assessee before the Ld. Revenue Authorities, the Ld. CIT passed order U/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT set-aside the assessment order passed U/s. 143(3) r.w.s 147 of the Act and directed the Ld. AO to thoroughly examine the issue of ADS proceeds of Rs. 397 crores referred to in the SFIO and also the opening balance of Rs. 1122 crores as on 01/04/2009 referred to in the restated financial statements and thereafter complete the assessment. Aggrieved by the order of the Ld. CIT, the assessee is in appeal before us. 7. The Ld. AR argued by stating that the Ld. AO had examined all the issues raised by the Ld. CIT in his 263 order and thereafter passed the Assessment Order U/s. 143(3) of the Act dated 21/07/2010. Hence, it was pleaded that there was no merit in the order of the Ld. CIT and therefore, it deserves to be quashed. The Ld. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order passed by the Ld. CWT U/s. 25 dated 26/03/2012 does not survive. It was therefore pleaded that the order of the Ld. CWT U/s. 25 may be quashed. The Ld. DR could not controvert to the submission of the Ld. AR. 10. After hearing both the parties and perusing the materials on record, as pointed out by the Ld.AR, we find that the order of the Ld. CWT passed U/s. 25 of the Act dated 26/3/2012 does not survive because the revised wealth tax assessment order passed by the ld. WTO U/s. 16(3) r.w.s 17 of the Act, dated 23/12/2009 was quashed by the Tribunal in WTA No. 02/H/2012 for the AY 2002-03 in the assessee's case vide order dated 08/1/2014. Therefore, we hereby quash the order passed by the Ld. CWT U/s. 25 of the Act dated 26/3/2012 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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