TMI Blog2023 (5) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... ort of the transaction in shares and such other details which were called for by the Assessing Officer. Thereafter, another notice under Section 142(1) was issued calling for further information and particulars. This was furnished by the assessee by reply. Thereafter, the assessee had submitted an explanation in respect of allowability of the loss and also explained various queries raised by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fulfilled before exercising jurisdiction u/s 263 of the Act have not been fulfilled in the facts and circumstances of the case on hand. Decided against revenue. - ITAT/72/2022 IA No. GA/1/2022 - - - Dated:- 24-11-2022 - THE HON BLE JUSTICE T.S. SIVAGNANAM AND THE HON BLE JUSTICE HIRANMAY BHATTACHARYYA For the Appellant. : Ms. Smita Das De, Adv. For the Respondent. : Mr. S.M. Suran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel appearing for the appellant/revenue and Mr. S.M. Surana, learned senior counsel assisted by Mr. Bhaskar Sengupta, learned advocate for the respondent/assessee. The short issue which falls for consideration is whether the assumption of jurisdiction by the Principal Commissioner of Income Tax under Section 263 of the Act was justified. The learned Tribunal has pointed out that on four grounds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 9th March, 2017 was issued. In response to this notice, the assessee had submitted a reply dated 26th April, 2017 along with the details and documents in support of the transaction in shares and such other details which were called for by the Assessing Officer. Thereafter, another notice under Section 142(1) dated 2nd August, 2017 was issued calling for further information and particulars. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer. The learned Tribunal has noted the factual position as put forth by the assessee before it in paragraph 6 of the order. Thus, we are of the view that the twin conditions which are required to be fulfilled before exercising jurisdiction under Section 263 of the Act have not been fulfilled in the facts and circumstances of the case on hand. Thus, we are of the view that n ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
