9911796707
TMI Blog2023 (9) TMI 608X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee are as under: 1 That the order of the Learned Principal Commissioner of Income Tax is arbitrary, bad in law & facts. 2 On the facts and in the circumstances of the case of the assessee, Ld. Pr. CIT was not justified in holding that the Assessment order passed u/s 143(3) was erroneous and/or prejudicial to the interest of Revenue. 3 On the facts and in the circumstances of the case of the assessee Ld. Pr. CIT was not justified in setting aside the order passed under section 143(3) by the assessing officer by invoking the provisions of section 263. 2. The facts of the case, submissions and the prayer of the assessee furnished by the Ld AR are extracted as under:- Synopsis of Submissions 1. The appellant assessee filed ROI on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed issues. 8. Though the word "initially" is mentioned in para-2, the issues are specified. Hence, this is limited scrutiny. 9. The ld. Pr.CIT cannot enlarge the scope in revision proceedings. 10. Secondly, during sec. 263 proceedings appellant filed all particulars and evidences clearly establishing and satisfying query raised in notice u/s 263 of the Act. 11. The ld. Pr. CIT was satisfied and rendered categorical observations in para 7(ii) of impugned order. 12. The impugned order was passed only for another round of enquiry. It is abuse of process of law. 13. The twin conditions required u/s. 263 i.e (i) the order of A.O. sought to be revised is erroneous and (ii) the error committed by A.O in the order is prejudicial to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest of revenue which are the mandatory condition for sustainability of the order passed by invoking provisions of section 263 of the It Act. Under such circumstances the order of Ld PICT to set aside the matter back to the files of Ld AO is arbitrary, bad in law & facts and thus, is liable to stuck down. On the aspect of satisfaction of conditions laid down in section 263 that for invoking provision sections 263 for exercising jurisdiction by the PCIT suo motu of Ld AR relied on judgment by the Hon'ble Apex Court in the case of Malabar Industrial Company Ltd. Vs. CIT reported in (2000) 243 ITR 83 (SC), wherein Hon'ble Apex court had held that: A bare reading of section 263(1) makes it clear that the pre-requisite to exercise of jurisd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which were mandatory to be established could not be satisfied by bringing on any finding or recording that could establish that the order of the Ld AO was erroneous as well as prejudicial to the interest of the revenue. Under such circumstances the order of Ld PCIT has been found to be failed on the test as laid down by Hon'ble Apex court while assuming jurisdiction u/s 263 in the case of Malabar Industrial Company Ltd.(supra). We therefore respectfully following the binding principle of law as laid down by Hon'ble SC in the Malabar Industrial Company Ltd.(supra) are inclined to hold that the order of Ld PCIT was lacking in complying with the twin compulsory conditions as mandated u/s 263, consequently the same is bad in law and liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
