9911796707
TMI Blog2023 (12) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... s follows: A. The present Appellant is a firm engaged in the business of construction and real estate development and has filed its income-tax return before the Assistant Commissioner of Income-tax Circle-1(2), Bhubaneswar (hereinafter referred as 'the ACIT' for brevity). B. The learned ACIT in consequence to search and seizure operation conducted by the Income-tax Department has passed the order under section 143(3) of the Act dated 31.12.2009 after taking approval under section 153D of the Act by computing a total income at Rs. 64,53,200/-. C. A notice under section 148 of the Act dated 24.08.2011 has been issued and the assessment order has been passed under section 147 read with section 143 (3) of the Act by computing the total in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of giving effect to the scheme made under sub-section (7), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply to such scheme or shall apply with such exceptions, modifications and adaptations as may be specified in the said notification. Provided that no such direction shall be issued after-the:' 31st day of March, 2024. Section 255 (9): Every notification issued under subsection (7) and sub-section (8) shall, as soon as may be after the notification 'is issued, be laid before each House of Parliament." H. On bare perusal of aforesaid section, it is crystal clear that the learned ITAT seizes its jurisdiction without having any direction/ order/ notification issued as provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d ITAT is not justified in not accepting that the order passed by the learned Assessing Officer which was on the basis of enquiry made by the Director of Income-tax (Investigation), Bhubaneswar and for which the order under section 263 of the Act is illegal and contrary to the facts and circumstances of the case. D. In such view of the matter, the Petitioner submitted that the impugned order may be quashed and the appeal may be allowed. III. SUBMISSIONS OF RESPONDENT: 4. Per contra, learned counsel for the Respondent intently made the following submissions: A. After completion of assessment for the AY 2008-09 dated 30.03.2013 under Section 143(3) of IT Act, the revisional authority by virtue of power under Section 263 of IT Act issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation, the Ld. CIT, Bhubaneswar was right in Invoking his powers u/s. 263 of the Act in revising the assessment order passed under Section 143(3)/147 of the Act dated 30.3.2013 in the case of the assessee." C. Therefore, the learned ITAT has rightly rejected the contention of the appellant and approved the order passed by the revisional authority. For better appreciation of the case, section 263 of IT Act is reproduced below :- "263. Revision of orders prejudicial to revenue 1) The [Principal Commissioner or] Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the [Assessing] Officer is erroneous in so far as it is prejudicial to the interests of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer had been the subject- matter of any appeal, '[filed on or before or after the 1st day of June, 1988] the powers of the [Principal Commissioner or] Commissioner under this sub- section shall extend [and shall be deemed always to have extended) to such matters as had not been considered and decided in such appeal.] Explanation 2-For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner - (a) the order is passed without making inquiries or verification which should have been made, (b) the order is passed allowing any relie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court may not be treated as the substantial question of law as the learned ITAT has already answered the query of the appellant and the issue of difference in balance sheet and cash flow are factual issues which have already been considered by the revisional authority under the ambit of Section 263 of IT Act. Hence, the appeal filed by the appellant may be dismissed. IV. COURT'S REASONING AND ANALYSIS: 7. The Ld. CIT(A) has dismissed the appeal exparte. Further, appeal had been filed before the Tribunal and the Tribunal had exparte restored the issue back to the file of Learned CIT(A). The CIT(A) also dismissed the appeal for non-compliance. The Tribunal in the interest of natural justice had restored the issue to the file of the Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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