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TMI Blog2019 (11) TMI 1712X X X X Extracts X X X X X X X X Extracts X X X X ..... lhotra, CIT, DR. ORDER PER SMT BEENA PILLAI, JUDICIAL MEMBER: Present appeal has been filed by assessee against order dated 26/12/18 passed by Ld. CIT, Bangalore-4, under section 263 of the Act for assessment year 2014-15 on following grounds of appeal: 1. The order of the Pr..CIT is contrary to law, facts, evidences on record and is not maintainable in law. 2. The ld .Pr. CIT erred in not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f facts of the case are as under: Assessee filed its return of income for assessment year under consideration on 31/03/15 declaring current loss of Rs. 431,08,73,830/-. The assessment was completed under section 143(3) of the Act vide order dated 26/12/16 wherein, addition of Rs. 7,25,42,337/- was made. 2.1 Subsequently, vide notice dated 24/09/18 Ld. CIT held order dated 26/12/16 to be erroneou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d assets. 3.1 Ld. CIT DR, on the contrary, placing reliance upon decision of Hon'ble Supreme Court in case of Malabar industrial Co Ltd vs CIT reported in (2000) 243 ITR 83 as well as Hon'ble Supreme Court in case of CIT vs Amitabh Bachchan reported in 384 ITR 200. She submitted that reason for revision of assessment order was proposed due to no enquiry by Ld.AO and therefore deserves to be uphel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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