| The Tax Publishers2022 TaxPub(DT) 2178 (Nag-Trib) INCOME TAX ACT, 1961
Section 263
When AO acting well in conformity with the view of High Court in the case of CIT (Central) Nagpur v. M/s. Murli Agro Products Limited in ITA No. 36 of 2009, dated 29-10-2010 : 2014 TaxPub(DT) 3361 (Bom-HC), had therein in the absence of any incriminating material in respect of the unabated assessment of the assessee for the year under consideration, not made any addition, therefore, the order passed by him under section 153A read with section 143(3) on the said count could have been, by any stretch of imagination, held as erroneous by PCIT under section 263, thus, order of PCIT was set aside.
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Revision under section 263 - Validity - Assessment order being erroneous and prejudicial to interest of Revenue -
A search and seizure proceedings were conducted under section 132 at the office premises of Group concern and the assessee was therein covered. In compliance to notice under section 153A, assessee e-filed his return of income for the assessment year 2014-15. Subsequently assessment was framed by AO under section 153A read with section 143(3) turned. PCIT found that a 'sale deed' was executed between Mr. A and assessee. Observing that while for the consideration that had changed hands as per the 'sale deed' was Rs. 30 lacs, however, the market value of the property under consideration was Rs. 60,06,000, PCIT held a conviction that the failure on the part of AO to have made an addition of the aforesaid difference had therein rendered the assessment order passed by him under section 153A read with section 143(3) as erroneous in so far it was prejudicial to the interest of the revenue under section 263. Held: When AO acting well in conformity with the view of High Court in the case of CIT (Central) Nagpur v. M/s. Murli Agro Products Limited in ITA No. 36 of 2009, dated 29-10-2010 : 2014 TaxPub(DT) 3361 (Bom-HC), had therein in the absence of any incriminating material in respect of the unabated assessment of the assessee for the year under consideration, not made any addition, therefore, the order passed by him under section 153A read with section 143(3) on the said count could have been by any stretch of imagination held as erroneous by PCIT under section 263. Thus, finding no infirmity in the view taken by AO, order of PCIT was set aside and matter was remanded back to AO under section 153A read with section 143(3).
Relied:CIT-II, Thane v. Continental Warehousing Corporation (Nhava Sheva) Ltd., All Cargo Global Logistics Ltd. [ITA No. 523 of 2013, dated 21-4-2015] : 2015 TaxPub(DT) 2182 (Bom-HC) and The CIT (Central), Aayakar Bhavan, Nagpur v. M/s. Murli Agro Products Ltd. [ITA No. 36 of 2009, dated 29-10-2010] : 2014 TaxPub(DT) 3361 (Bom-HC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, NAGPUR BENCH
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