2021 (7) TMI 1445

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....Shri Mohd Usman, CIT.D.R ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the assessee against the order of the Learned Principal Commissioner of Income Tax-3, Ahmedabad, arising in the matter of assessment order passed under s. 263 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") relevant to the Assessment Year 2016-201....

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.... and therefore the direction given by the ld.PCIT for the verification of issue are required to be quashed and the assessment order passed under section 143(3) of the Act is to be upheld. 3. That your appellant craves a leave to add, alter or amend any grounds at the time of hearing. 3. At the outset, the learned AR for the assessee before us submitted that proceedings under section 7 ....

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....3 of the Act vide order dated 31st March 2021 post to the order passed under section 7 of Insolvency and Bankruptcy code, 2016 is not maintainable and liable to be quashed. 4.1 On the other and the learned DR vehemently supported the order of the learned PCIT. 5. We have heard the rival contentions of both the parties and perused the materials available on record. Admittedly, the proceedings....

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....including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority." 5.1 In view of the above, we hold that the order passed under section 263 of the Act is not maintainable and liable to be quashed. Before parting, it is pertinent to note that AO is at liberty to make an application for re-institution of this appeal after the resolution pro....