2018 (1) TMI 79

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..../- per share. A sum of Rs. 4,36,00,000/- was raised towards share capital and share premium. The assessee filed return of income declaring total income of Rs. 1,336/-. A notice u/s 148 of the Act was issued and an order u/s 148 r.w.s. 143(3) of the Act dated 23.12.2010 was passed. 3. By the impugned order the CIT in exercise of his powers u/s 263 of the Act held that while concluding the assessment u/s 148 of the Act, the AO failed to make proper enquiries with regard to receipt of share capital including share premium by the assessee during the relevant previous year. By the impugned order the CIT set aside the order of AO and directed the AO to make comprehensive and detailed enquiry into the source of subscription of the share capital....

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....uct a thorough enquiry, notwithstanding the jurisdiction of the AO in making enquiries on the issues or matters as he considers fit in terms of section 142(1) and 143(2) of the Act, which is relevant only up to the completion of assessment ; iii) Inadequate inquiry conducted by the AO in the given circumstances is as good as no enquiry and as such, the CIT was empowered to revise the assessment order ; iv) The order of the CIT is not based on irrelevant considerations and further in the present circumstances, he was not obliged to positively indicate the deficiencies in the assessment order on merits on the question of issue of share capital at a huge premium ; and v) the AO in the given circumstances can't be sai....

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....r passed in the old name is valid. H. Order passed u/s 263 on a non-working day does not become invalid, when the proceedings involving the participation of the assessee were completed on an earlier working day. I. Order u/s 263 cannot be declared as a nullity for the notice having not been signed by the CIT, when opportunity of hearing was otherwise given by the CIT. J. Refusal by the Revenue to accept the written submissions of the assessee sent after the conclusion of hearing cannot render the order void ab initio. At any rate, it is an irregularity. K. Search proceedings do not debar the CIT from revising order u/s passed u/s 147 of the Act. 7. Some or all of the aforesaid conclusions are applicabl....