TaxTMI 
TaxTMI 
2018 (7) TMI 2330
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.... 1961 (hereinafter called "the Act") for AY 2009-10. 2. The grounds of appeal raised by the assessee in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called "the tribunal") read as under:- " The grounds set out hereafter are without prejudice to one another. GROUNDS 1. The Learned Principal Commissioner of Income-tax [" Ld PCIT"] erred in revising, purportedly under Section 263, the Assessment Order " u/s.143(3) r.w.s. 144C(13) of the I.T. Act, 1961" of the Learned Assessing Officer [" Ld AO"]. Rs.118,32,01,904 GROUNDS ON JURIDICTIONAL 2. Without prejudice to the generality of the foregoing, the Ld PCITs Revisional Order is without jurisdiction and illegal, for th....
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....inasmuch as "the balance sheet of TTSL is shrunk by reduction of book loss and unabsorbed depreciation on asset side and share capital on the liability side" and • that, "therefore, computation provisions u/s 48 of the Act fail", are erroneous in law. (v) The fact that the particulars of the Capital Gains made by the Assessee (which included the Long-term Capital Loss of f 118.32 Cr aforesaid) were - • not only requisitioned by the Ld AO [vide his requisitions under Section 142(1) dated 20^th July, 2012 and 8^th August, 2012], • but that such particulars were furnished by the Assessee to the Ld AO [vide "Annexure - 1" to the Assessee's letter dated 11th February, 2013 to ....
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....ts and gains (ie, loss) arising from the transfer of a capital asset, within the meaning of Section 45(1) and accordingly, the Assessee is entitled, in terms of Section 70(1), to have the amount of such loss set off against any other Long-term Capital Gains. Rs.118,32,01,904 3.1 Without prejudice to the foregoing, the Assessee submits that, if the loss on the cancellation of the shares is not allowed in the year in which such cancellation took place, ie, in the year under consideration, such loss will never be allowed to the Assessee, for the reason that the gain or loss on the transfer of the remaining shares of TTSL will be assessed in the year of their transfer with reference to the cost of acquisition of those remaining shares ....
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....144C(13) of the 1961 Act is in pursuance to directions of learned DRP which in itself is a body consisting of collegiums of 3 Senior Judicial Functionaries of the Revenue and hence learned Pr. CIT cannot sit on judgment of collegiums of three senior functionaries of Revenue which are not below the rank of Commissioner of Income-tax . It's also contended by learned counsel for the assessee that an assessment order passed by AO u/s. 143(3) is appealable before learned CIT(A) u/s. 246A(1)(a) of the 1961 Act , while an assessment order passed by the AO in pursuance to directions of learned DRP is appealable directly before Hon'ble ITAT u/s. 253(1)(d) of the 1961 Act. It is also contended that the Revenue is not entitled to appeal against an ass....
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....so submitted that matter can be resorted to the file of learned Principal CIT for re-adjudication of the entire issue's including jurisdictional issue raised by the assessee as to the powers of learned Pr. CIT to pass revisionary orders u/s 263 of the 1961 Act revising an assessment framed by the AO u/s 143(3) r.w.s. 144C(13) of the 1961 Act, in accordance with law. Thus in nutshell both the parties have agreed and conceded that in view of non-disposal of aforesaid jurisdictional issue by learned Pr. CIT which is purely legal issue which goes to the root of the matter as to whether learned Principal CIT is competent and empowered to invoke its revisionary powers within provisions of Section 263 with respect to the assessment order of the AO....