TaxTMI 
TaxTMI 
2016 (1) TMI 1302
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....ust registered under section 12A of the Act, as per the order of the Commissioner of Income Tax, Patiala dated 5.4.1995. It was also granted approval for exemption under section 80G of the Act. For the year under consideration, it filed return of income declaring nil income, after claiming exemption under section 11 of the Act amounting to Rs. 1,40,789/-. The return was accepted as such by the Assessing Officer, vide his order dated 26.12.2012 framed under section 143(3) of the Act. A show cause notice under section 263 of the Act, was issued to the assessee by the Commissioner of Income Tax (Exemptions), Chandigarh, stating that since the assessee has not complied with the provisions of section 11(2) of the Act, the order of the Assessing ....
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....part of the corpus but out of revenue receipts and in withdrawing the grant' of exemption u/s 12AA of the Income Tax Act, 1961. The exemption granted to the trust be restored. 4. That the appellant craves leave to add, amend or delete any of the grounds of appeal before the same are taken up for final disposal." 5. The learned counsel for the assessee, at the time of hearing before us, fairly conceded that the provisions of section 263 of the Act were rightly invoked so far as the taxability of interest on FDR is concerned. At the same time, he contested the invoking of section 263 of the Act on the cancellation of registration granted to the assessee under section 12A of the Act. The submission of the learned counsel for the asses....
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.... Revision of orders prejudicial to revenue (1) The Principal Commissioner or Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing] Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he, may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. 9. From the perusal of the above, it is clear that the "calling of record of any proceedings under this A....
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....r or Principal Director General or Director General or Principal Commissioner or Commissioner authorised by the Board in this behalf under section 120; 11. From the perusal of the above clause, the meaning of the term 'order' is given to be an order of assessment made by the ACIT, DCIT, ITO on the direction of JCIT under section 144 of the Act, or an order made by the JCIT under section 120 of the Act. We observe that there is no reference to an order made by the Commissioner of Income Tax under section 12A of the Act. In view of this, the learned Commissioner of Income Tax has no jurisdiction under section 263 of the Act to cancel the registration earlier granted to the assessee under section 12AA of the Act. 12. There is another aspect....