9911796707
TMI Blog2025 (5) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... 4B of the Income-Tax Act, 1961 (hereinafter referred as "the Act") for the assessment years 2016-17. 2. Brief facts of the case are that the appellant/assessee e-filed its return of income on 09.10.2016 declaring income of Rs. 6,95,980/- for the assessment year 2016-17. Information was received on the Insight Portal of the Department. The ADIT, Inv. Unit 2(1), Delhi vide letter dated 14.01.2020 disseminated the information regarding the search action carried out on 18.11.2015 on entry operator Shri Pradeep Kumar Jindal who was providing accommodation entries in lieu of cash to large number of beneficiaries through non-descript companies managed and controlled by him with the help of dummy directors. A total of 69 front companies and total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olding the order dated 29.03.2022 passed by the Assessing Officer u/s 143(3) of the Act to be erroneous and prejudicial to the interest of revenue and directing the Assessing Officer to make a fresh assessment. That order being, arbitrary, misconceived, erroneous and unlawful must be quashed." 6. Learned Authorised Representative for the appellant/assessee submitted that before delving into the details of the case and pointing out the relevant facts which are necessary to establish that there is neither any error nor any prejudice to the Department vide the impugned reassessment order dated 29.03.2022 it is submitted that when on 31.03.2024 the Pr. CIT passed the revision order, the impugned order dated 29.03.2022 did not exist for it had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KL Shri Hari (HUF) & Ors (supra) where it has been held that the Assessing Officer if in the reassessment order makes a fresh assessment of the entire income of the assessee, then the earlier assessment order is effaced by the subsequent order. In the facts of the present case the Assessing Officer has made a fresh assessment of the income of the assessee considering the provisions of the Act along with the various judicial proceeding and therefore in our view the ratio laid down by the Hon'ble Supreme Court is applicable in assessee's case also. Accordingly we are of the view that the excise of the revisionary powers u/s. 263 for this reason is not justified." 7. Learned Authorised Representative for the Department of Revenue re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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