2023 (10) TMI 627

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....sed by the Income Tax Appellate Tribunal, Surat in ITA No. 177/SRT/2019 for Assessment Year 2014-2015. 2. The assessee is engaged in the business of manufacturing and trading of elastic tapes. The assessee filed its return of income on 30.9.2014, for A.Y. 2014-2015, declaring income of Rs. 68,79,440/-. The case was selected for scrutiny and an order of assessment u/s 143(3) was passed on 27.10.2016 making certain additions on account of disallowance of EPF contribution and adhoc disallowance of 20% of expenses of Rs. 3,65,968/-. Subsequently, the Principal CIT vide order dated 08.03.2019, invoked revisional jurisdiction under Section 263 of the Act and set aside the assessment order with a direction to frame the assessment de novo. 3.....

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....263 explicitly covers under it all the Explanation/subsections associated with the section? (iv) Whether on the facts and in the circumstances of the case and in law, the Ld. Tribunal has erred in upholding the order of the ITAT in cancelling the order u/s. 263 of the I.T. Act and not appreciating that the intent of the provisions of Section 263 of the Income Tax Act has been duly adhered to by the PCIT while revising the assessment order u/s. 263 of the Act?" 4. Heard Mr. Nikunt Raval, learned senior standing counsel for Mrs. Kalpana Raval, learned advocate for the revenue and Mr. Tushar Hemani, learned senior counsel with Ms. Vaibhavi Parikh , Ld. Advocate for the respondent - assessee. 5. Mr. Nikunt Raval, learned senior s....

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....g Officer vide his specific notice dated 24.06.2016, called the record of purchases as well as commission expenses. The assessee vide its reply dated 08.07.2016, furnished complete details about the purchases as well as commission payment. We find that the reply of assessee in response to show cause notices of assessee in response to show cause notices of purchases and commission payment is duly acknowledged by Assessing Officer. As recorded above, the Assessing Officer has not made any reference about such enquiries or reply received by him on both the issues. 9. As recorded above, the learned Principal CIT in his show cause notice under Section 263 of the Act identified two issues by taking view that notice under Section 133(6) w....