9911796707
TMI Blog2024 (2) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... ing aside the assessment framed under section 143(3) of the Act as erroneous and prejudicial to the interest of the revenue is without jurisdiction, bad in law and void ab-initio. (2) That on the facts and circumstances of the case and in law, the Ld. PCIT has erred in exercising jurisdiction under section 263 by setting aside the original assessment order passed under section 143(3) was passed after full satisfaction of the Ld. Assessing Officer even though the issue had been discussed and scrutinized by the Assessing Officer in detail while framing the assessment under section 143(3) of the Act. Hence, the impugned order under section 263 may kindly be quashed. (3) That on the facts and in the circumstances of the case, the Ld. CIT ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion policies, therefore, appellant had never claimed any exemption either under section 10(10A) or 10(10D) of the Income Tax Act, 1961 on surrender value as is evident from the computation of Income Tax Return on record. (6) The appellant craves leave to add, alter or amend or vary any of the above grounds of appeal before or at the time of hearing." 2. The only effective ground raised by the assessee in this appeal is against the revising of assessment order by invoking the provision of section 263 of the Income tax Act, 1961 ("the Act"). 3. Facts in brief of the case are that in this case, the Assessing Officer ("AO") had re-opened the assessment on the basis that the assessee had claimed accretion amount of INR 13,21,114/- on surren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re duly replied. The AO having satisfied with the contention of the assessee, had accepted the income disclosed in the Income Tax Return. Hence, it was not a fit case for invoking the provision of section 263 of the Act as the AO had adopted one of the plausible views. 6. On the other hand, Ld.CIT DR for the Revenue relied on the impugned order. He took us through the assessment order and submitted that the AO merely accepted the contention of the assessee without making further inquiry. The Ld. Pr. CIT was therefore, justified in invoking the provision of section 263 of the Act. 7. In re-joinder, Ld. Counsel for the assessee contended that notice u/s 263 of the Act was issued on solitary issue regarding non-disclosure of accretion amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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