TMI Blog2023 (3) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... ason/subject-matter for which the reopening was done in the case of the assessee. The audit party has no right to interfere in the quasi-judicial proceedings to make an objection as to in what mode or manner, the AO should pass an assessment order and what examination ought to be carried out by him in the assessment proceedings. Moreover, the original assessment proceedings u/s 143(3) stood completed on 26.02.2014 itself. Even the transaction relating to shares of M/s Tuni Textiles Ltd. was not the subject-matter of the reassessment proceedings. Therefore, the revision order passed by the PCIT u/s 263 is otherwise time-barred. Even When in the reassessment proceedings, no addition has been made by the Assessing Officer in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoking the provisions of section 263 when the assessment completed u/s 143(3)/147 on 26.12.2018 was neither erroneous nor prejudicial to the interest of revenue. 2. For that the assessment for the impugned assessment year which was completed u/s 143(3)/147 on 26.12.2018 was reopened for specific reasons which were explained to the AO and therefore the provisions of section 263 were not applicable to the said assessment. 3. For that the impugned assessment proceeding which was completed u/s 143(3)/147 on 26.12.2018 was itself bad in law since it was reopened without fulfilling the requirements of section 147 and hence all consequential proceedings are bad in law. 4. For that the Ld. AO erred in invoking the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also, which the Assessing Officer did not examine during the original assessment proceedings u/s 143(3) of the Act and further that the same was not subject matter of investigation under the reassessment proceedings u/s 147 of the Act. The ld. PCIT, therefore, held the order dated 28.12.2018 passed u/s 147/143(3) of the Act was erroneous and prejudicial to the interest of revenue and the Assessing Officer has failed to examine the transaction relating to capital gains in the scrip of M/s Tuni Textiles Ltd. 4. Being aggrieved by the said order of the PCIT, the assessee has come in appeal before us. 5. We have heard the rival contentions and gone through the record. At the outset, the ld. counsel for the assessee has submitted that firs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer did not examine the other income relating to the capital gains in the scrip of M/s Tuni Textiles Ltd. when the Assessing Officer did not make any addition in respect of reason/subject-matter for which the reopening was done in the case of the assessee. 6. Further, in this regard, the ld. CIT-DR has produced on record the comments of the ld. PCIT dated 13.07.2022, whereby, the ld. PCIT has recorded that there was a revenue audit objection that the transaction made by the assessee in respect of shares of M/s Tuni Textiles Ltd. were not duly examined in the assessment carried out u/s 143(3) vide order dated 26.02.2014 and further that this transaction was not part of the reasons recorded in the reopened assessment proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer in respect of the subject-matter/item of income for which the Assessing Officer had formed reasons to believe of escapement of income and finally found that the income of the assessee has not escaped income in respect of that issue/item. Then, in view of the decisions of the Hon ble Bombay High in the case of CIT vs. Jet Airways Ltd. (supra), it was not open to the Assessing Officer to make addition in respect of other item of income. Even otherwise, when the reassessment was made to examine a particular investment and the assessee duly explained the source of the said investment and the Assessing Officer has accepted the said source then the order of the Assessing Officer cannot be said to be erroneous and exercise of revisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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