2024 (2) TMI 694

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....the Income Tax Act holding the assessment order dated 13.12.2017 as erroneous and prejudicial to the interest of the revenue on the ground that the order was passed without making inquiries/verification which should have been made. Such assumption of power by the Ld. Pr. CIT is not proper in absence of any minimal inquiry conducted by the Ld. Pr. CIT to support his finding that the order under revision is prejudicial to the interest of revenue and erroneous. 2. The appellant craves leave to add, amend, and alter any or more grounds of objection before or at the time of hearing of the appeal. 3. That the facts and circumstances of the case, the impugned revision order passed by the Ld. Pr. CIT under Section 263 of the Act d....

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.... made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, ^2[including,- (i) an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment; or (ii) an order modifying the order under section 92CA; or (iii) an order cancelling the order under section 92CA and directing a fresh order under the said section]. Explanation 1.-For the removal of doubts, it is hereby declared that, for the purposes of this sub-section,- (a) an order passed on or before or after the 1st day of June, 1988 by the Assessing Officer ^1[or the Transfer Pricing Officer, as the case may be,] shall include- (i) an order of a....

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....For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer ^3[or the Transfer Pricing Officer, as the case may be,] shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner,- (a) the order is passed without making inquiries or verification which should have been made; (b) the order is passed allowing any relief without inquiring into the claim; (c) the order has not been made in accordance with any order, direction or instruction issued by the Board under section 119; or (d) the order has not been passed in ....