2020 (1) TMI 687

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....al by the assessee are as under:- "The Appellant respectfully submits the following grounds of appeal against the revisional order passed by the Learned Principal Commissioner of Income-tax-05, New Delhi ('Ld. CIT') for favorable consideration of the Hon'ble Bench: 1. That on the facts and circumstances of the case & in law, the Ld. CIT has erred in passing a revisional order under Section 263 of the Act by setting aside the matter and directing the Ld. AO to reexamine the relevant issues without appreciating/ ignoring that: 1.1 The assessment order passed by the Ld. AO is not erroneous and prejudicial to the interest of the revenue. 1.2 All the details/ documents sought by the Ld. CIT in the show cause n....

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.... tentative in nature and is incapable of casting any tax liability whatsoever on the assessee and hence cannot by any stretch of imagination be prejudicial to the interests of revenue. 4. On a further without prejudice basis, on the facts and circumstances of the case & in law, the Ld. PCIT by not making any inquiry or causing any inquiry to be made under section 263(1) of the Act, grossly erred in leaving it open to the Ld. AO's judgment to decide whether Ld. AO's previous assessment order is erroneous or prejudicial to the interest of the revenue. 4. Assessee company e-filed its original return of income for the A.Y. 2013- 14 on 27.11.2013 declaring total loss of Rs. 11,75,03,005/- under normal provision and deemed total incom....

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....The Ld. AR submitted that at the time of initiation of revision proceedings u/s 263 of the Act, the draft assessment order was already subject to review before the Dispute Resolution Panel (DRP) as per Section 144C(15) of the Act. The Ld. AR further submitted that inadvertently the assessee did not raise this ground of appeal challenging the jurisdiction of the Pr. CIT to initiate proceedings u/s 263 of the Act. Therefore, the Ld. AR submitted that the additional ground which is a legal ground should be allowed. The Ld. AR submitted that challenging the jurisdiction of the Pr. CIT to initiate proceedings u/s 263 of the Act is a preliminary ground of appeal of the assessee. The Ld. AR relied upon the decision of the Hon'ble Supreme Court in ....