9911796707
TMI Blog2025 (5) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... T has set aside assessment order dated 28.09.2022, passed by the Assessing Officer, as regards the assessment year 2020-21, and at the same time directed the Assessing to complete the assessment as regards the issue of dividend (as per section 115BBD) vs. finance income of Rs. 71,80,35,464/-. The reason for setting aside of the impugned assessment order is that in the opinion of Learned PCIT, said order was found suffering from specific defects, was erroneous and also prejudicial to the interests of the Revenue. 2. Arguments heard. Filed perused. 3. The assessee-appellant is engaged in the business of manufacturing and trading of fertilizer and allied products in India. As per case of the department, which is not disputed on behalf of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 41 or any other section x. Deduction from total income under Chapter VI-A" In other words, the Assessing Officer proceeded to deal with only following issue:- "Claim of Any Other Amount Allowable as Deduction in Schedule BP" 6. Ultimately, the Assessing Officer made an addition of Rs. 7,74,04,212/- on the abovesaid only issue, and thereby assessed total income of the assessee at Rs. 3,71,04,05,492/-. 7. As noticed above, vide impugned order, Learned PCIT has directed the Assessing Officer for completion of assessment as regards the only issue of dividend. Contentions 8. Ld. AR for the appellant has submitted that in the previous year, the Assessing Officer felt satisfied, specially taking into consideration reply and documents subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowable as deduction in schedule BP". The Assessing Officer categorically recorded in para 3.4 of the assessment order as to why verification was not required on the above 10 issues. He so expressed his satisfaction after perusing the information provided by the assessee and having verified the same with reference to the ITR and TAR. This goes to shows that the Assessing Officer had satisfied himself even on the first mentioned issue of double taxation relief u/s 90 and 91 of the Act, which Ld. PCIT picked up to hold the assessment order as erroneous. Assessing Officer must record reason(s), even though same may be in brief, to apprise the higher authorities that he had applied his mind in recording his satisfaction and while framing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordinate Bench of ITAT, Jaipur Benches quashed the said order passed by Learned PCIT. Said decision by the Coordinate Bench is dated 25.10.2024. The impugned order under challenge herein is dated 19.03.2025. Admittedly, the decision by the Co-ordinate Bench was brought to the notice of Ld. PCIT. While dealing with same point raised on behalf of the assessee, Ld. PCIT observed that the said order had been challenged by the department before Hon'ble High Court. Even if said decision by the Coordinate Bench has been challenged before Hon'ble High court, it is not case of the department that operation of the said order has been stayed by the Hon'ble High Court. Therefore, simply because the said decision is under challenge before Hon'ble Hig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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