2023 (3) TMI 1230

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....x Act (hereinafter referred to as the 'Act'). 2. The assessee in this appeal has taken the following grounds of appeal: "1. For that the ld. PCIT erred in invoking the provisions of section 263 when the assessment completed u/s 143(3)/147 on 26.12.2018 was neither erroneous nor prejudicial to the interest of revenue. 2. For that the assessment for the impugned assessment year which was completed u/s 143(3)/147 on 26.12.2018 was reopened for specific reasons which were explained to the AO and therefore the provisions of section 263 were not applicable to the said assessment. 3. For that the impugned assessment proceeding which was completed u/s 143(3)/147 on 26.12.2018 was itself bad in law since it was reopened....

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....t and held that apart from the investment in Global Capital Markets Ltd., the assessee during the year had shown capital gains from the sale of shares of M/s Tuni Textiles Ltd. also, which the Assessing Officer did not examine during the original assessment proceedings u/s 143(3) of the Act and further that the same was not subject matter of investigation under the reassessment proceedings u/s 147 of the Act. The ld. PCIT, therefore, held the order dated 28.12.2018 passed u/s 147/143(3) of the Act was erroneous and prejudicial to the interest of revenue and the Assessing Officer has failed to examine the transaction relating to capital gains in the scrip of M/s Tuni Textiles Ltd. 4. Being aggrieved by the said order of the PCIT, the asse....

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....sing Officer to independently assess other incomes. Therefore, even otherwise, reassessment order of the Assessing Officer cannot be held to be erroneous on the ground that the Assessing Officer did not examine the other income relating to the capital gains in the scrip of M/s Tuni Textiles Ltd. when the Assessing Officer did not make any addition in respect of reason/subject-matter for which the reopening was done in the case of the assessee. 6. Further, in this regard, the ld. CIT-DR has produced on record the comments of the ld. PCIT dated 13.07.2022, whereby, the ld. PCIT has recorded that there was a revenue audit objection that the transaction made by the assessee in respect of shares of M/s Tuni Textiles Ltd. were not duly examine....