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The Tax PublishersITA No. 2030/Kol/2018
2019 TaxPub(DT) 6193 (Kol-Trib)INCOME TAX ACT, 1961
Section 263 Section 147
Re-opening of assessment based on investigation report without assessing independent application of mind on AO's part was not sustainable and therefore, same was quashed as non est. That being the case Pr.CIT's assumption of revisional jurisdiction under section 263 must also follow the suit since it had no legs to stand.
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Revision under section 263 - Erroneous and prejudicial order - Reassessment order being subject-matter of revision held as invalid -
AO received information as to assessee having received share application money from certain entry operator. Accordingly, AO reopened assessment and made addition under section 68. Pr.CIT sought to revise above re-assessment on the ground that same was erroneous causng prejudice to the interest of revenue.Held: Re-opening of assessment based on investigation report without assessing independent application of mind on AO's part was not sustainable and therefore, same was quashed as non est. That being the case Pr.CIT's assumption of revisional jurisdiction under section 263 must also follow the suit since it had no legs to stand.
Relied:Pr. CIT v. RMG Polyvinyl (I) Ltd. (2017) 396 ITR 5 (Del) : 2017 TaxPub(DT) 2034 (Del-HC), CIT v. Insecticies (2013) 357 ITR 330, and Sabh Infrastructure v. Asstt. CIT (2017) 398 ITR 198 (Del) : 2017 TaxPub(DT) 4248 (Del-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11
IN THE ITAT, KOLKATA BENCH
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