2014 (7) TMI 551

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is against the order of the Commissioner of Income Tax passed under section 263 of the I.T. Act, 1961. Assessee has raised 12 grounds mainly contesting that the order of the CIT is not correct as the order of the A.O. was neither erroneous nor prejudicial to the interests of Revenue. 2. Briefly stated, in this case scrutiny assessment under section 143(3) was completed on 28.03.2013 determining t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the time of assessment made u/s.143(3), the order passed on 28.03.2013 u/s.143(3) was considered as erroneous as well as prejudicial to the interest of revenue by CIT and a show cause notice under section 263 of the I.T. Act was issued to the assessee company on 13.05.2013. Ld. CIT after giving opportunity to the assessee set aside the assessment order by stating as under : "4. The contention mad....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... made in the revised return of income filed on 09.03.2012 by the assessee." (Emphasis supplied) 3. It was the contention of the Ld. Counsel that the order passed by the A.O. which was subject matter of revision by CIT was not erroneous, as admitted by the CIT in the order and only in the event the order was rectified, then the assessment may become erroneous and prejudicial. But so far the order....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hat order may become erroneous and prejudicial to the interests of revenue. But the assessment order passed by the A.O. per se is neither erroneous nor prejudicial to the interests of revenue. In view of this, the order of CIT setting aside the assessment cannot be upheld. Moreover, we are also not able to understand why the order was set aside. As per the directions of CIT, AO has to re-do assess....