TMI Blog2018 (7) TMI 2330X X X X Extracts X X X X X X X X Extracts X X X X ..... both the parties have agreed and conceded that in view of non-disposal of aforesaid jurisdictional issue by learned Pr. CIT which is purely legal issue which goes to the root of the matter as to whether learned Principal CIT is competent and empowered to invoke its revisionary powers within provisions of Section 263 with respect to the assessment order of the AO which is passed u/s 143(3) r.w.s. 144C(13) of the 1961 Act in pursuance of direction issues by learned DRP. Thus we consider it appropriate and deem fit to restore this matter back to the file of learned Principal CIT for disposal of this jurisdictional ground which is a legal ground as to competence of learned Pr. CIT to revise an assessment order passed by the AO u/s 143(3) r. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Order is without jurisdiction and illegal, for the following reasons : The initiation of the proceedings under Section 263 was without jurisdiction, inasmuch as that provision, in terms, authorises the authorities specified therein to revise only an ..... order passed ..... by the Assessing Officer ..... and not an order passed by the Assessing Officer in pursuance of the directions of the Learned Dispute Resolution Panel ( Ld DRP ). The Assessment Order dated 10th January, 2014 was neither erroneous, nor prejudicial to the interests of the Revenue. The following determinations made by the Ld PCIT, viz,- that a reduction of capital is one which has the effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 1 to the Assessee's letter dated 11th February, 2013 to the Ld AO], makes it abundantly clear that the Assessee's claim for set-off of the the loss of Rs. 118.32 Cr was duly verified by the Ld AO and such claim was allowed by him consciously, advisedly and deliberately. (vi) In any event, since a regular assessment had been made under Section 143(3) and that, too, in pursuance of the directions of the DRP, a presumption arises that the assessment order has been made upon application of mind [ CIT v Honda Siel Power Products Ltd [20111 333 ITR 547 (Del) ]. Accordingly, the Ld AO having, after application of mind, taken one of two views available to him, his assessment order cannot be said to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remaining shares of TTSL will be assessed in the year of their transfer with reference to the cost of acquisition of those remaining shares and not with reference to the cost of all the Assessee's shares in TTSL (ie, including the cancelled shares). The Assessee, therefore, further submits that the loss of Rs 118.32 Cr is allowable, and ought to be allowed, in the year under consideration. 3. The assessee has also raised additional grounds of appeal which are reproduced as hereunder:- Cost of acquisition of shares 4. Without prejudice to the grounds raised in the appeal filed on 26 May 2016 and in the alternate, in case Ground No 3 of the appeal is not allowed, the cost of acquisit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed DRP is appealable directly before Hon ble ITAT u/s. 253(1)(d) of the 1961 Act. It is also contended that the Revenue is not entitled to appeal against an assessment order passed by the AO u/s 143(3) r.w.s. 144C(13) of the 1961 Act keeping in view omission of provisions of Section 253(2A) of the 1961 Act by Finance Act, 2016 w.e.f. 01-06-2016 , while the Revenue under the earlier scheme of the Act prior to aforesaid omission by Finance Act, 2016 w.e.f. 01-06-2016 could have filed an appeal before Hon ble tribunal u/s. 253(2A) of the 1961 Act against an assessment order passed by the AO u/s 143(3) r.w.s. 144C(13) of the 1961 Act in pursuance to directions of the DRP. Thus on this jurisdictional ground raised by the assessee as to powers of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Principal CIT is competent and empowered to invoke its revisionary powers within provisions of Section 263 with respect to the assessment order of the AO which is passed u/s 143(3) r.w.s. 144C(13) of the 1961 Act in pursuance of direction issues by learned DRP .Several other contentions were also raised in grounds of appeal on merits but keeping in view the jurisdictional issue involved in this appeal which were raised before learned Principal CIT and which was not disposed of by learned Principal CIT in its revisionary order dated 28.03.2016 passed u/s. 263 of the 1961 Act , we consider it appropriate and deem fit to restore this matter back to the file of learned Principal CIT for disposal of this jurisdictional ground which is a l ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
