TaxTMI 
TaxTMI 
2021 (10) TMI 352
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....hort) whereby the assessment orders passed by the Assessing Officer ("AO" in short) dated 28.12.2018 under Section 153A r.w.s. 143(3) of the Act concerning Assessment Years ("AY" in short) 2012-13 & 2013-14 were sought to be set aside for reframing the assessment in terms of supervisory jurisdiction. 2. As per its grounds of appeal, the assessee has challenged the revisional action of the PCIT whereby the AO was directed to pass the assessment order de novo after making inquiries on the points set out in the notice which is stated to have already been examined and considered during the original assessment proceedings concerning AYs 2012-13 & 2013-14. The assessee has challenged the assumption of jurisdiction by the PCIT under Section 263....
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....t in the wake of the fact that such LTCG was earned by purchase and sale of shares of Regency Trust Ltd. which is branded as penny stock company. The capital gains arose on such transactions of Regency Trust Ltd. amounts to Rs. 49,35,753/- and Rs. 2,55,650/- for Assessment Years 2012-13 and 2013-14 respectively. In response, the assessee explained that specific queries were raised in the course of search assessment in this regard and after verification of the relevant details, bills, bank payments etc., the transaction giving rise to the LTCG was accepted as bona fide. It was thus contended before the PCIT that provisions of Section 263 is not attracted in the factual matrix. The PCIT, however, did not agree with the contentions of the asse....
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.... the mode of payments etc. were already recorded in the books and duly assessed at the previous occasion. Hence, the impugned issue towards legitimacy of the LTCG arising from purchase and sale of certain shares in a concluded assessment is prohibited in the wake of judicial precedents. Thus, where the Assessing Officer himself was not authorized in law to make additions/disallowances on the score, the PCIT could not have directed further inquiries on the basis of revisional powers conferred under Section 263 of the Act. The only recourse available to the PCIT in the instant case was to seek revision with reference to the original assessment already concluded. It was thereafter pointed out that, when seen with reference to the original asse....
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....h on account of being barred by limitation and also on merits. He thus urged for cancellation of revisional order passed in consequence of a non est show-cause notice. 9. The learned Departmental Representative, on the other hand, relied upon the contents of the revisional order under challenge. 10. We have carefully considered the rival submissions. We straight away notice the facts narrated above and find that in the absence of incriminating documents shown to have been found in the course of search, the Assessing Officer was precluded from making any additions/disallowances on the issue in the search assessment under Section 153A of the Act where both the assessments in question stood concluded and remained unabated at the time of ....