9911796707
TMI Blog2023 (2) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... amely ld. CIT has erred in taking cognizance under section 263 of the Income Tax Act and thereby setting aside the assessment order for passing a denovo assessment order. 3. Brief facts of the case are that the assessee has filed its return of income declaring total income at Rs.720/-. The case of the assessee was selected for scrutiny assessment under CASS i.e. Computer Assisted Selection 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 pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 and served upon the assessee. On the basis of submission, it is found that total capital was added is as per order u/s 143(3). Total income assessed as per order u/s144: Rs.42,15,00,720/- Assessed as above u/s 144/147 of the I.T. Act, 1961. Copy of order, Demand Notice and Challan are being issued to the assessee-company. Sd/- [RANI KUMARI] 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iders that any order passed therein by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action under section 263 of the Income Tax Act ought to have been taken by the ld. 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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