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TMI Blog2022 (11) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Khaitan, Sr. Adv., Mr. Saumya Kejriwal, Adv. And Mr. G.S. Gupta, Adv. ORDER The Court :- This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated April 27, 2022 passed by the Income Tax Appellate Tribunal 'A' Bench, Kolkata (Tribunal) in ITA No. 510/Kol/2021 for the assessment year 2017-2018. The revenue has raised the follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lved in the instant matter is whether the Principal Commissioner of Income Tax, Kolkata I (PCIT) was justified in invoking his power under Section 263 of the Act. On a reading of the order passed by the PCIT dated 6th October, 2021 we find that the only ground on which the power was exercised by stating that the Assessing Officer has passed the assessment order without making enquiry and verificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putation of capital gain by issuing notice under Section 142(1). To be precise, said issue was raised in point Nos. 12 and 24 of the said notice. The assessee had filed two written submissions dated 18th November, 2019. In addition to the same the assessing officer issued another show cause notice on 30th October 2019 requiring further explanation of the sale consideration to Rs.12,16,11,857/- sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made by the assessee to the show-cause notice issued under Section 263 of the Act, has not dealt with any of the contentions raised but merely concluded that the assessing officer has not made due enquiry. This aspect of the matter is factually incorrect, as the PCIT has committed a serious error in assuming jurisdiction under Section 263 of the Act. The learned Tribunal has re-appreciated the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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