TaxTMI 
TaxTMI 
2022 (9) TMI 759
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....ing his revisional jurisdiction u/s 263 of the I.T. Act 1961. The impugned revisional order passed by the learned Pr.CIT is patently illegal., void ab initio, bad in law, arbitrary, perverse, without jurisdiction and being devoid of merits the same may please be deleted. 2. Since the learned Pr.CIT has failed to revise the directions given by the learned J.C.I.T. Nashik to the learned Assessing Officer in the matter of framing the impugned assessment order u/s 143[3] r.w.s.l53A of the I. T. Act 1961, the learned Pr.CIT miserably lacked the revisional jurisdiction u/s 263 of the I. T. Act 1961. In the circumstances the impugned order passed by the learned Pr.CIT may please be annulled for want of jurisdiction. 3. Since the learned Asse....
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.... income of Rs.52,10,000/-. Subsequently, there was search and seizure action was conducted u/s 132 of the Income Tax Act, 1961 ('the Act') in the business premises of R.C. Bafna group of cases and the appellant, wherein certain incriminating material was stated to have been found. Subsequently, the Assessing Officer had issued a notice u/s 153A on 18.02.2015. In response to which, the appellant filed a return of income on 30.10.2015 declaring same income as shown in the regular return of income. The Assistant Commissioner of Income Tax, Central Circle-2, Nashik ('the Assessing Officer') completed the assessment u/s 143(3) r.w.s. 153A of the Act vide order dated 30.11.2016 accepting the returned income. 4. Subsequently, the ld. PCIT, on exa....
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....d. were not examined by the Assessing Officer. Non-examination of this issue, render the assessment order erroneous and prejudicial to the interests of the Revenue. Accordingly, the ld. PCIT set-aside the assessment order to the Assessing Officer for fresh assessment in accordance with law. 5. Being aggrieved, the appellant is in appeal before us in the present appeal. 6. The ld. AR challenges the validity of the order of revision passed u/s 263 on the ground that : (i) The ld. PCIT cannot exercise the power of revision in respect of order passed by the Assessing Officer after taking approval of the Joint/Additional Commissioner of Income Tax. (ii) In the absence of any incriminating material suggesting that the appellant made a claim....
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.... 9. We heard the rival submissions and perused the material on record. The Parliament had conferred the power of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment order passed is erroneous and prejudicial to the interests of revenue. In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be made to the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC). The error in the assessment order should be one that it is not debatable or plausible view. In a case where the Assessing Officer examined the claim took one ....