TMI Blog2021 (1) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... inserted by Finance Act, 2015 w.e.f. 1.6.15. Considering all the above facts, it cannot be said that the assessment order is erroneous causing consequence prejudice to the interests of the revenue. - Decided in favour of assessee. - ITA No.459/PUN/2020 - - - Dated:- 14-12-2020 - Shri Inturi Rama Rao, AM And Shri S. S. Viswanethra Ravi, JM For the Assessee : None For the Revenue : Shri Deepak Garg ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of the ld. Pr. Commissioner of Income Tax-2, Pune dated 30.03.2020 passed u/s 263 of the Income Tax Act, 1961 (for short the Act ) for the assessment year 2015-16. 2. Briefly, the facts of the case are that the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax-2, Pune, the appellant is before us in the present appeal. 5. Before us, when the matter was called on, none appeared on behalf of the appellant despite due service of notices. 6. On the other hand, ld. CIT-DR placed heavily reliance on the order of the ld. Pr. Commissioner of Income Tax-2, Pune. 7. We heard the ld. CIT-DR and perused the material on record. The solitary issue involved in the present appeal relates to the validity of exercise of jurisdiction u/s 263 of the Act. It is settled proposition of law that in order to exercise the power of revision vested with the Commissioner of Income Tax under the provisions of section 263 of the Act, the twin conditions should exist i.e. (i) the assessment order passed by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. Pr. Commissioner of Income Tax-2, Pune that the Assessing Officer had not enquired into this issue during the course of assessment proceedings. Thus, it is clear that it is not even case of learned CIT that Assessing Officer had not enquired into this case. Therefore, the case even does not fall within ambit of Explanation 2 to sub-section (1) of section 263 of the Act inserted by Finance Act, 2015 w.e.f. 1.6.15. Considering all the above facts, it cannot be said that the assessment order is erroneous causing consequence prejudice to the interests of the revenue. Therefore, the order of the revision passed by the ld. Pr. Commissioner of Income Tax-2, Pune cannot be sustained in the eyes of law and, accordingly, we quash the impu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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