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TMI Blog2023 (12) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... been moved on behalf of the appellant/revenue, seeking condonation of delay in filing the appeal. 2.1 According to Mr Sanjay Kumar, senior standing counsel, who appears on behalf of the appellant/revenue, there is a delay of 114 days. 3. Ms Snigdha Gautam, counsel who appears on behalf of the respondent/assessee, says that she would have no objection if the delay is condoned. 3.1 It is ordered accordingly. 4. The application is disposed of, in the aforesaid terms ITA 610/2023 5. This appeal concerns Assessment Year (AY) 2016-17. 6. Via the instant appeal, the appellant/revenue seeks to assail the order dated 19.12.2022 passed by the Income Tax Appellate Tribunal [in short, "Tribunal"]. 7. In order to adjudicate the appeal, the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. claimed exemption by taking recourse to Article 13 of India-Mauritius Double Taxation Avoidance Agreement [in short, "India-Mauritius DTAA"]. 9. The record shows that before framing the assessment order dated 12.12.2018, Monet Ltd.'s case was selected for scrutiny under CASS and accordingly, a notice dated 18.07.2017 was issued under Section 143(2) of the Income Tax Act, 1961 [in short, "the Act"]. However, thereafter the aforementioned assessment order dated 12.12.2018 was passed, whereby the ROI filed by Monet Ltd. was accepted. 9.1. The fact that the Assessing Officer (AO) had applied his mind to the sale of shares and the brought forward loss that had been set off, is evident upon perusal of paragraph 3 of the assessment order da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 263 of the Act dated 31.03.2021 was passed against the respondent/assessee i.e., Cairnhill CIPEF Ltd. and Cairnhill CGPE Ltd., when Monet Ltd. had already ceased to exist. As noticed above, Monet Ltd. ceased to exist on 19.12.2018. (ii) Second, the order under Section 163 of the Act dated 27.03.2021 was passed by the Commissioner, who, according to the Tribunal, did not have the requisite authority. 14. In reaching this conclusion, the Tribunal took note of the provision of Section 246A, which is a provision that sets out orders which are appealable before the Commissioner (Appeals). 14.1. One such order which is appealable before the Commissioner (Appeals) is set forth in Clause (d) of Sub-Section (1) of Section 246A. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinabove. Although one cannot quibble with the submission made by Mr Kumar that the CIT exercises powers which are concurrent to that of the AO, the fundamental issue which arises for consideration is whether the CIT could have exercised powers against the respondent/assessee i.e., Cairnhill CIPEF Ltd. when the principal had ceased to exist. Concededly, as noticed by us, Monnet Ltd. ceased to exist on 19.12.2018, whereas, the CIT exercised its revisionary power much later i.e., on 31.03.2021. 17.1. The other submission made by Mr Kumar that the revisionary power under Section 263 of the Act is directed towards the assessment order is also, in our view, an untenable submission for the reason that the assessment order is framed qua "an ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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