2023 (7) TMI 1524

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....questions of law for consideration : 1. Whether on the facts of the case and in law, the Learned Tribunal was justified in quashing the order under Section 263 of the said Act ignoring the fact that the Assessing Officer in his order under Section 143[3] read with Section 263 dated 23.12.2019 concluded that Rs. 3,63,122/- should be added as interest free advance but in the computation part added Rs. 3,36,122/- thus making the order erroneous ? 2. Whether in the facts and circumstances of the case the Learned Tribunal was justified in law to allow the appeal of the assessee on the ground of limitation by reckoning the date of assessment dated 26.12.2016 instead of 23.12.2019 despite the fact that the issue involved in the subsequent pro....

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....r dated 23.12.2019 determining the total income at Rs. 17,70,850/- and raising the total demand of Rs. 5,47,192/-. Thereafter, once again the PCIT exercised power under Section 263 of the Act and issued show-cause notice dated 21.02.2022. In the notice after setting out the reasons assigned by the Assessing Officer while completing the assessment vide order dated 23.12.2019 the PCIT would state that on further scrutiny of the assessment records it came to the notice that while computing the assessed income in the order under Section 143(3) read with Section 263 of the Act dated 23.12.2019 the Assessing Officer had erroneously added Rs. 3,36,122/- for brokerage and commission works instead of the correct amount of Rs. 3,63,122/-, which has r....