TaxTMI 
TaxTMI 
2018 (1) TMI 1189
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.... reproduced as under: 1. That the order of the Ld. Pr. CIT is against law and facts. 2. That the Ld. Pr. CIT erred in invoking Sec. 263 of the I.T. Act and cancelling the assessment order passed by the Ld. A.O. u/s 143(3) and directing him to reframe assessment, although neither the order of Ld. Assessing Officer was erroneous nor prejudicial to the interest of revenue. 3. That the Ld. Pr. CIT erred in giving directions u/s 263 of the Act to the Ld. A.O., although all the issues were duly considered by the Ld. A.O. during assessment proceedings and after examining all the documents/submissions, one of the possible views was taken. 4. That the appellant craves leave to add or alter any of the Grounds of Ap....
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..... CIT vide his order dated 23/03/2016 held the order of the Assessing Officer as erroneous and prejudicial to the interest of the Revenue. Aggrieved, the assessee is in appeal before the Tribunal raising the grounds as reproduced above. 3. Before us, the Ld. counsel filed a paper book, containing Pages 1 to 27. Supporting the grounds, the Ld. counsel submitted that all the issues were duly considered by the Assessing Officer during assessment proceeding and after examining the documentary submission filed by the assessee, he preferred not to make any addition on the issues raised by the Ld. CIT. He referred to copy of assessment order, placed on pages 1 to 4 of the paper book and submitted that the issues like fall in net profit etc. wer....
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....pute in the facts of the case before us is whether any enquiry was carried out by the Assessing Officer on the issue of commission income or in respect of interest expenditure in question. 6. Before us, Ld. counsel has not filed copy of any questionnaire issued by the Assessing Officer or any submissions filed by the assessee before the Assessing Officer on the issue of commission or on the issue of interest expenditure. During the hearing, the Ld. counsel was specifically asked by the bench to produce above evidences in support of the contention that Assessing Officer carried out any examination on the issue of commission/interest expenditure. However, Ld. counsel expressed his inability to produce any such evidences. Thus, in the facts....
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....n 263 of the Act, which has been inserted by Finance Act, 2015 w.e.f. 01/06/2015, if the order is passed without making enquiries or verification which should have been made, the assessment order is deemed to be erroneous. For ready reference, the relevant explanation is reproduced as under: "Revision of orders prejudicial to revenue. 263. (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....