2022 (9) TMI 1037

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....08-09. The assessee has raised the following grounds of appeal:- "1. The learned Commissioner of Income Tax, Valsad ("the CIT") erred in fact and in law in revising the assessment by invoking power u/s 263 of the Income Tax Act, 1961 ("the Act") despite the fact that conditions stipulated invoking such extra-ordinary jurisdiction were not satisfied. 2. The learned CIT erred in fact and in law in initiating the proceeding u/s 263 of the Act beyond period of limitation. 3. The learned CIT erred in fact and in law in passing order u/s. 263 of the Act beyond period of limitation. 4.The learned CIT erred in fact and in law calculating the time limit for passing order u/s 263 of the Act from the end of financial year in which the order u/....

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....ssing Officer noted that in response to notice under section 148, the assessee while filing his return of income declared short term capital gains of Rs.16,41,634/- and that the said income was disclosed only on service of notice under section 148 of the Act. The Assessing Officer though accepted the return of income, however initiated penalty under section 271(1)(c) of the Act, while passing the assessment order on 28.03.2016. The assessment order was revised by Ld. PCIT by exercising his power under section 263 of the Act vide order dated 30.03.2018. 3. Before revising the assessment order, Ld. PCIT issued show cause notice dated 07.04.2017, fixing the date of hearing on 12.04.2017. The contents of show cause notice under section 263 is ....

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.... PCIT. The Ld. PCIT after perusal of the contents of assessment order and the materials available on record held that the assessment order has been made without making any inquiries in respect of issues mentioned in the show cause notice. Therefore, the assessment order was set aside with the direction to pass assessment order afresh after given opportunities to assessee. Aggrieved by the order of Ld. PCIT the assessee has filed present appeal before the Tribunal. 4. None appeared on behalf of assessee despite services of notices on more than three occasions, therefore, we left no option, but to decide the appeal on the basis of material available on record and after hearing Ld. Commissioner of Income-tax-Departmental Representative (Ld. C....