TaxTMI 
TaxTMI 
2019 (4) TMI 1221
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....g total loss of Rs. 62,07,218/-. The assessee company is engaged in the business of selling tickets of entertainment and sports activities through its multiple channels enabled by technology. The A.O. after giving opportunity of being heard to the assessee, made additions on account of interest income on refund and foreign travel expenses in a sum of Rs. 7,92,054/-. The total income was assessed at loss of Rs.(-)54,15,164/- vide assessment order under section 143(3) Dated 29.11.2013. The Ld. Pr. CIT found certain discrepancies in the assessment order on various items and after giving opportunity of being heard to the assessee, set aside the assessment order with a direction to the A.O. to pass the Order afresh, after giving opportunity of b....
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....which were written-off as the same had become irrecoverable, therefore, the same were written-off and claimed as deduction under section 37(1)/28 of the I.T. Act, 1961. The A.O. has called for the details on the same, therefore, claim of assessee is allowable. 7. The Ld. Pr. CIT considering the explanation of assessee, set-aside the Order of the A.O. on this issue and directed the A.O. to frame the assessment afresh. His findings in para 2.5.1 is reproduced as under : "2.5.1. I have carefully considered the submission made by the assessee, the facts of the case and the paper book and find no merit in the same. The assessee has accepted the fact that the AO had not examined whether the said amount was reflected as income as is the require....
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....he findings of the Ld. CIT(A) in its Order dated 02.01.2018 on this issue in para-7.5 of the Order is reproduced as under : "7.5. I have examined the submission of the appellant and finding of the AO. The appellant has written off the advances however, with regard to establishing that advances written off has been taken into account as income of the previous year, has not been established. In view of the same, the finding of the AO is in order and I do not have any reason to interfere in this. Addition on this account of Rs. 1,03,591/- is sustained." 8.1. Learned Counsel for the Assessee further submitted that before proceeding under section 263 of the I.T. Act, both the conditions of Section 263 shall have to be satisfied. He has submit....
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.... without reference to any query raised by the A.O. It is, thus, established on record that the A.O. did not examine this issue at assessment stage. Since no investigation or enquiry have been made on the present issue and the Ld. Pr. CIT passed the Order on 31.03.2016, therefore, Explanation-2 to Section 263 is clearly attracted in the present case. We may note that Explanation-2 to Section of the I.T. Act, 1961 have been inserted in the Income Tax Act w.e.f. 01.06.2015 whereby it is directed that "For the purpose of this section, it is hereby declared that an order passed by the Assessing officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner ....