TaxTMI 
TaxTMI 
2022 (5) TMI 151
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..... Pr. CIT(Central), Ludhiana has erred in assuming the jurisdiction u/s. 263 of the Income Tax Act 1961 and holding that the assessment as completed by the Assessing Officer vide order, dated 25.03.2015 is erroneous and prejudicial to the interest of revenue. 2. That the Ld. Pr. CIT has also erred in conducting that the said receipts of Rs. 1,19,09,072/- are liable to be included in the total income of the assessee for the year under consideration and overlooking the fact that this issue has been examined by the Assessing Officer during the course of assessment proceedings as completed u/s. 143(3) and which has adequately been discussed in the assessment order itself. 3. That the Assessing Officer having also adopted his mind to the iss....
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.... delay by enacting Section 5of the Indian Limitation Act of 1963 in order to enable the courts to do substantial justice to parties by disposing of matters on merits. The expression "sufficient cause" employed by the legislature is adequately elastic to enable the courts to apply the law in a meaningful manner which sub serves the ends of justice, for that is the life-purpose for the existence of the institution of courts. The learned Judges emphasized on adoption of a liberal approach while dealing with the applications for condonation of delay as ordinarily a litigant does not stand to benefit by lodging an appellate and refusal to condone delay can result in a meritorious matter being thrown out at the very threshold and the cause of jus....
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....on prescribes a period within which legal remedy can be availed for redress of the legal injury. At the same time, the courts are bestowed with the power to condone the delay, if sufficient cause is shown for not availing the remedy within the stipulated time. Thereafter, the learned Judges proceeded to state that this Court has justifiably advocated adoption of liberal approach in condoning the delay of short duration and a strict approach where the delay is in ordinate. In Improvement Trust, Ludhiana v. Ujagar Singh and others (2010) (6SCC786),it has been held that while considering an application for condonation of delay no strait jacket formula is prescribed to come to the conclusion if sufficient and good grounds have been made out o....
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....Films & Sippy Grewal Productions Pvt. Ltd. During the course of search proceedings, certain documents relating to the Assessee company were found and seized. Thereafter a notice u/s. 142(1) of the Act was issued to the assessee. 5. The Assessee company is engaged in the business of production of films and distributions. In this case, return of income for the year under consideration was filed by declaring Nil income on 20.02.2015. The assessment in the case of the assessee was completed on 25.03.2015. The Ld. A.O. had thoroughly discussed the activities for the year under consideration and production and distribution of the film by the name of "Singh vs Kaur" and also production of film by the name of "Lucky di Unlucky Story". Thereafter a....
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....plate that: 263: (1) The [Principal Commissioner or] Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the [Assessing] Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment or cancelling the assessee and directing a fresh assessment. 8. In the Income Tax Act, no where mentioned that A.O. will send a proposal to the Pr.CIT/CIT for initiation of revisional proceedings....
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....vant to quote para No.2 of the order of Id PCIT( to the extent applicable for our discussion) under section 263 of the Act, which reads as follows: "A proposal for revision of the Assessment Order u/s. 263 has been received from Assessing Officer i.e., ITO. Wd-45(3) Kolkata. On perusal of assessment order and the assessment records it is seen that in course of assessment proceedings, the following statutory additions and disallowances were not examined property...." First of all, let us examine whether Id PCIT has independently applied his mind to exercise his jurisdiction under section 263 of the Act. It is abundantly clear from para No.2 of the Id PCIT's order that Id PCIT exercised his jurisdiction under section 263of the Act bas....