TaxTMI 
TaxTMI 
2018 (7) TMI 2330
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.... 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 the following reasons : * The initiation of the proceedings....
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....e" 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 20th July, 2012 and 8th 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 the Ld AO], makes it abundantly clear that the Assessee's claim for set-off of the the loss of Rs. 118.32 Cr was duly verified by the Ld AO and such claim was allowed by him consciousl....
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....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 and not with reference to the cost of all the Assessee's shares in TTSL (ie, including the cancelled shares). The Assessee, therefore, further submits that the loss of Rs 118.32 Cr is allowable,....
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....ollegiums 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 assessment order passed by the AO u/s 143(3) r.w.s. 144C(13) of the 1961 Act keeping in view omission of provisions of Section 253(2A) of the 1961 Act by Finance Act, 2016 w.e.f. 01-06-2016 , while the Revenue under the earlier....
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....onary 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 which is passed u/s 143(3) r.w.s. 144C(13) of the 1961 Act in pursuance of direction issues by learned DRP .Several other contentions were also raised in grounds of appeal on merits but keeping in view the jurisdictional is....