2022 (11) TMI 417

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....red to as "the Act"] whereby the Assessment Order, dated 07.12.2019, passed under section 143(3) of the Act was set aside as being erroneous in so far as prejudicial to the interest of revenue with the directions to make fresh assessment. 2. The Appellant has raised four grounds of appeal challenging the jurisdiction of the PCIT as well as the exercise of power of revision by the PCIT under Section 263 of the Act. 3. The relevant facts, in brief, are that the Appellant, a co-operative credit society, filed its return of income for the Assessment Year 2017-18 declaring "Nil" income on 12.10.2017. Assessment was framed on the Appellant, vide order, dated 07.12.2019 under Section 143(3) of the Act at the total income of INR 41,23,830/- a....

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....hin the meaning of section 263 of the Income Tax Act, may not be passed in your case." (Emphasis Supplied) 4. The Appellant vide letter, dated 20.02.2022, filed reply/submission to the aforesaid notice (relevant extract of which has been reproduced in paragraph 3 of the order impugned by way of present appeal). The PCIT, not being satisfied with the reply/submissions of the Appellant passed order under Section 263 of the Act setting aside the assessment with a direction to make a fresh assessment holding that the assessment order, dated 07.12.2019, passed under Section 143(3) of the Act was erroneous and prejudicial to the interest of revenue as the Assessing Officer had failed to make the necessary enquiry or verification. The relevant ....

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.... Section 263 of the Act. 6. When the matter was taken up for hearing, none appeared for the Appellant. The Ld. Departmental Representative appearing before us drew our attention to letter, dated 05.08.2022, whereby the written submissions of the Appellant were placed on record. In view of the written submissions filed by the Appellant, we proceeded with the hearing to examine the issue on merits. 7. We have heard the Ld. Departmental Representative and given thoughtful consideration to the written submissions filed by the Appellant. We note that the Assessing Officer has in opening paragraph of the Assessment Order recorded as under: "The return of income for A.Y. 2017-18 declaring "Nil" income was e-filed by the assessee on ....