2018 (3) TMI 220

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to whether the CIT is justified in assuming jurisdiction u/s.263 of the Act setting aside the order of the assessment under section 143(3) and directing the Assessing Officer to redo the assessment. 3. The facts in brief are that the assessee is a local body authority assessed in the status of artificial juridical person. For the assessment year under consideration, the return of income was filed on 30.9.2009 disclosing total income of Rs.Nil after setting off of the brought forward losses of earlier years. The Assessing Officer completed the assessment u/s.143(3) of the Act on 30.1.2011 determining the total income at Rs. Nil after setting off of brought forward losses, inter alia, disallowing Rs. 40,482/- towards deduction of FBT. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... judicial decisions in the impugned order. He observed that the Assessing Officer has not examined this aspect while framing the assessment order u/s.143(3) of the Act. Therefore, in the opinion of the CIT, the assessment order is erroneous in so far as it is prejudicial to the interests of the Revenue. Hence, he in exercise of his power conferred u/s.263 of the Act, set aside the assessment order and restored the same to the file of the Assessing Officer with a direction to redo the assessment after affording reasonable opportunity of hearing to the assessee after examining the following issues: "1. When and what is the extent of land acquired by the assessee from Government of Odisha with reference to which land premium of Rs. 3,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the rival submissions, perused the orders of lower authorities and materials available on record. The sole disputed issue is with respect to setting aside the assessment order by the CIT in respect of land premium of Rs. 3.,50,00,000/-. On perusal of assessment order u/s.143(3) of the Act dated 30.11.2011, we find that no discussion was made by the Assessing Officer regarding land premium paid of Rs. 3,50,00,000/- to Government of Odisha. No enquiries were also made by the Assessing Officer. Prima facie, it appears that the CIT found that the order passed u/s.143(3) of the Act is without making enquiries on this particular disputed issue, which is raised in the revision proceedings. Ld A.R. submitted that the order of the Assessing Officer ....