TMI Blog2022 (11) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... o reckoned the findings recorded by the PCIT alleging that the computation of capital gain is prejudicial to the interest of revenue. Assessee has submitted all details in a tabulated form and has demonstrated that if the view taken by the PCIT is to be accepted it would result prejudice to the interest of revenue. Unfortunately, the PCIT though extracted the elaborate submissions made by the assessee to the show-cause notice issued u/s263 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. Tribunal has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal is justified in adjudicating that the Pr. CIT erred in assuming jurisdiction under Section 263 of the Income Tax Act, 1961 ? We have heard Mr. Prithu Dudhoria, learned standing Counsel for the appellant and Mr. J.P. Khaitan, learned Sr. Counsel duly assisted by Mr. Saumya Kejriwal, learned Advocate for the respondent. The short question involved 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 en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer the computation of capital gain as done by the assessee was accepted by the Assessing Officer. That apart the assessee has also reckoned the findings recorded by the PCIT alleging that the computation of capital gain is prejudicial to the interest of revenue. The assessee has submitted all details in a tabulated form and has demonstrated that if the view taken by the PCIT is to be accepted it would result prejudice to the interest of revenue. Unfortunately, the PCIT though extracted the elaborate submissions 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 ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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