2018 (10) TMI 722

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....rong in reopening the assessment under section 263 of the Income tax Act. The AO had considered the aspects now made the subject matter of Revision u/s.263 before issuing the Draft Assessment order. There is no error prejudicial to the interest of revenue warranting reopening under section 263. The proceedings requires to be dropped. 2. Learned Commissioner of Income tax erred in setting aside the draft assessment order issued under section 143(3) r.w.s.144C of the I.T Act. The Hon.ITAT has in the appellant's own case for A Y 20 I 0-11 (ITA No.222/Coch/20 16) held that the draft assessment order cannot be revised u/s.263 of the IT Act. 3. Notwithstanding the above the Learned CIT went wrong in setting aside the assessm....

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....ch of the Tribunal in the case of Bausch & Lomb India Pvt.Ltd. v. ACIT in ITA No.1399/Del/2017 (order dated 25.08.2017) was of the view that the Administrative Commissioner does not have power to revise the draft assessment order. The relevant finding of the Delhi Bench of the Tribunal in the case of Bausch & Lomb India Pvt.Ltd. (supra) reads as follows :- 12. Now, we espouse the other contention of the ld. AR that if there was some mistake in the order of the TPO or the draft order, then the remedy was with the CIT to revise the order u/s 263 and not in making the enhancement by the DRP. This contention deserves to be repelled because section 263(1) clearly provides that the CIT may call for and examine the record of any proceedin....