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TMI Blog2019 (9) TMI 1651X X X X Extracts X X X X X X X X Extracts X X X X ..... l: 1) The order of the learned Principal Commissioner of Income tax,Central-2, Chennai is Wrong, illegal and is opposed to law and facts of the case. 2) The learned Principal Commissioner of Income Tax, Central-2 Chennai ought to have seen that the order of assessment is not erroneous and that the learned CIT can assume jurisdiction under section 263 only if the twin condition of the assessment order being erroneous and pre-judicial to the interest of the revenue is satisfied. 3) The learned Principal Commissioner of Income Tax, Central-2 while passing orders under section 263 erred in giving a specific direction of Rs.3,44,77,220/- in the hands of the appellant in a preconceived manner even while the assessing officer has specific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return of income for the AY 2011-12 was filed on 25.09.2011 declaring total income of Rs.15,98,04,415/-. Against the said return of income, the assessment was completed by the AO vide an order dated 30.03.2014 passed u/s.143(3) of the IT Act. Subsequently, the assessment was reopened u/s.148 of the IT Act stating that the amount of Rs.3,47,77,200/- received from Lebara Mobile, UK, and (an amount of Rs.54.00 lakhs received from M/s. Photon Kathas Production Pvt. Ltd.,) had escaped assessment of tax, thereafter, proposed to re-assess the same. During the course of re-assessment proceedings, the assessee made detailed submissions before the AO stating that the contributions were received by M/s. A.R. Rahaman Foundation, Chennai, after receivi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal CIT placed reliance on the order of the ACIT. 5. We have considered the rival submissions and perused the materials placed on record. 6. The short issue that arises for consideration is whether or not the Principal Commissioner of Income Tax had justified in exercising the jurisdiction of revision u/s.263 of the IT Act. Admittedly, this issue was examined by the AO during the course of the re-assessment proceedings and took a view that the contributions made by M/s. LEBARA Ltd., are not taxable in the hands of the assessee since the same were assessed to tax in the hands of M/s. A.R. Rahaman Foundation. It is a matter of record that even the Ministry of Home Affairs, Government of India, had accorded post facto approval in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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