TMI Blog2023 (2) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the aid of section 68 that aspect can easily be gone through by the CIT(Appeals) under section 251(1)(a) of the Act. Since these items are subject matter of appeal before the 1st Appellate Authority, no action under section 263 ought to have been taken by the CIT by exercising revisionary power. We have highlighted the powers of ld. CIT(A) for deciding the appeals and the subject matter of the appeals pending before the ld. CIT(Appeals) relates to quantification of the share capital including share premium received by the assessee. It is not a separate issue, which has to be taken care in revisionary jurisdiction. It can easily be examined by the ld. 1st Appellate Authority while deciding the appeals against the above two assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lection for Scrutiny. A notice under section 143(2) was issued and served upon the assessee. A perusal of the record revealed to the ld. Assessing Officer that the assessee had received share capital from different unlisted Companies and share premium amounting to Rs.42,10,78,500/-. The assessee did not submit any details before the ld. Assessing Officer. He passed an assessment order under section 144(1) of the Income Tax Act and estimated the income of the assessee at Rs.42,15,00,717/-. This order dated 27.03.2015 is placed on record at page no. 36 of the paper book. 4. The ld. Assessing Officer thereafter recorded his reason for reopening of the assessment. The copy of the reason is available on page no. 63 of the paper book. The reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Officer, Ward-4(2), Kolkata 5. The ld. Commissioner took cognizance under section 263 of the Income Tax Act on the ground that in the reasons, ld. Assessing Officer has worked out the income escaped from assessment at Rs.43,56,00,000/-, whereas he did not enquire this issue in the reassessment proceedings. He simply accepted the undisclosed income of the assessee at Rs.42,15,00,720/-, which was determined by the ld. Assessing Officer under section 144 of the Income Tax Act. The difference between both assessment orders Rs.1,41,00,000/- has not been dealt with in the reassessment order. Therefore, an error has crept in, which has caused prejudice to the interest of the Revenue. 6. The ld. Counsel for the assessee, at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. .....xx xx xx xx xx xx xx xx ........ (c) where any other referred to in this subsection and passed by the Assessing Officer had been the subject matter of any appeal filed on or before or after the 1st day of June, 1988, the powers of the Principal Commissioner or Commissioner under this sub-section shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in such appeal . 9. We deem it appropriate to take note Clause (a) of section 251(1), which reads as under:- Powers of the Commissioner (Appeals)- 251. (1) In disposing of an appeal, the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g share premium received by the assessee. The details of such share premium including face value has been placed on record at page no. 22 of the paper book, which reads as under:- 11. It is not a separate issue, which has to be taken care in revisionary jurisdiction. It can easily be examined by the ld. 1st Appellate Authority while deciding the appeals against the above two assessment orders. Therefore, we allow this appeal of the assessee and quash 263 order. The observations made by us will not impair or injure the case of ld. Assessing Officer and will not cause any prejudice to the defence/explanation of the assessee in the quantum appeals pending before the ld. CIT(Appeals). The provision of the Income Tax Act discussed by u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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