TaxTMI 
TaxTMI 
TaxTMI 
2022 (12) TMI 1267
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....ion along with an affidavit has been filed explaining the reasons for such delay which is due to the pandemic. After hearing both the sides and following the decision of Hon'ble Supreme Court in the case of suo moto proceedings in the case of M.A.No 21 of 2022 and in M.A.665 of 2021 in suo moto writ petition (c) No. 3 of 2020 vide order dated 10.1.2022, the delay in filing of this appeal by the assessee is condoned and the appeal is admitted for adjudication. 3. Facts of the case, in brief, are that the assessee is a society registered u/s. 12AA of the I.T.Act vide order of the Director of Income Tax (Exemptions), Hyderabad in F.No.DIT(E)/Hyd/12A/36(11)/08-09, dated 13.03.2009. It filed its return of income on 26.09.2015 claiming exemption....
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.... and prejudicial to the interest of the revenue and therefore, issued a notice u/s. 263 of the I.T.Act, the contents of which are as under:- Office of the Commissioner of Income Tax (Exemptions) 2nd Floor, Aayakar Bhavan, Basheer Bagh, Hyderabad-500 004. Telephone No. 040-23426031/23426032 Fax: 040-23426033 Emai_id: [email protected] F.No.CIT(E)/Hyd/263/AABTP5178R/2019-20 Date:- 12.03.2020 To Mis. Panineeya Sanskrit College . 16-227, Vivekananda Nagar Dilsukh Nagar Hyderabad Sir, Sub: Assessment order passed u/s 143(3) of the IT Act, 1961 dt. 22.12.2017, for the A Y 2015-16, erroneouS being prejudicial to the interest of Revenue - Requiring revision u/s 263 of the IT Act, 1961 of....
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....ible for exemption u/s. 11 of the Act as claimed by your trust and exemption claimed has been denied. However, the AO has not taken into consideration the revised computation of income submitted during the course of scrutiny proceedings. The AO while completing the assessment not considered income from business of R5.68,74,854/- and income from other Sources of Rs.20,95,897/ - 6. For the failure on part of the AO in not making the above, the assessment made by him vide that order dt. 22.12.2019 passed u/s 143(3) of the Act, for the A Y 2015-16, in your case, is thus erroneous, in so for as it is prejudicial to the interest of revenue. Hence, it is proposed to revise the said assessment made by the AO u/s 263 of the Act. However, before pr....
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....s erroneous and prejudicial to the interest of the revenue. He, therefore, set aside the same with direction to the AO to examine the issues mentioned by him, in addition to the issues on which, the AO has already made addition and re-do the assessment after verification of the issues in accordance with law. 6. Aggrieved with such order of the Ld.CIT(E), the assessee is in appeal before the Tribunal by raising the following grounds. 1. On the facts and in the circumstances of the case, the revision order dated 30.03.2021 passed by the Id. commissioner of Income Tax (Exemptions), Hyderabad, is erroneous and unsustainable in law. 2. The Id. commissioner of Income Tax (Exemptions) erred in holding that the Assessing officer while passing ....
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....ssee should be allowed. 8. The ld. DR on the other hand, strongly supported the order of the ld.CIT(E). He submitted that when admittedly the AO has not taken into consideration the income from business of Rs.68,74,854/- and income from other sources of Rs.20,95,897/- to arrive at the income to be assessed, the order has become erroneous as well as prejudicial to the interest of the revenue and therefore, the ld.CIT(E) was fully justified in invoking the provisions of section 263 of the I.T.Act and thereby setting aside the assessment. 9. We have heard the rival arguments made by both the sides, perused the orders of the AO and ld.CIT(E) and the paper book filed on behalf of the assessee. We have also considered the various decisions cite....