2024 (3) TMI 707

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....0 of the Income Tax Act, 1961 (hereinafter called 'the Act'). The relevant Assessment Year is 2018-19. 2. The grounds raised read as follows: 1. On the facts and in circumstances of the case and in law, the Appellate order issued under section 250 of the Income-tax Act, 1961 (`the Act') passed by the Commissioner of Income-tax (Appeals), NFAC. (learned CIT(A)') dated 07 April 2023, to the extent prejudicial to the Appellant, is bad in law, void ab initio and contrary to the facts and circumstances of the case and is liable to be quashed. 2. On the facts and in the circumstances of the case: (a) the learned AO, while passing an order under section 143(3) of the Act, has erred in reiterating the addition made in i....

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....ng total income at Nil. The return of income was processed by the AO/CPC under section 143(1) of the Act on 28.02.2020. In the said intimation, an amount of Rs. 23,29,62,417/- was considered as income chargeable to tax @ 10% at special rate other than under section 115BB of the Act. The assessment was selected for scrutiny and notice under section 143(2) of the Act was issued on 23.09.2019. The assessment under section 143(3) of the Act was completed on 12.02.2021 by assessing the total income at Rs. 23,29,62,420/- as per the intimation issued under section 143(1) of the Act. 4. Aggrieved by the order passed under section 143(3) of the Act, assessee filed appeal before the First Appellate Authority (FAA). Before the FAA, it was contended....

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....en submissions, income computation statement, the intimation issued under section 143(1) of the Act, notice issued under section 143(2), the submissions made before the CIT(A), etc. The learned AR reiterated the submissions made before the Income Tax authorities. 6. Learned DR strongly relied on the order of the CIT(A). 7. We have heard the rival submissions and perused the material on record. On perusal of the impugned Assessment Order passed under section 143(3) (order dated 12.02.2021), it is clear that AO has assessed the total income at Rs. 23,29,62,420/- solely relying on the adjustment made by the AO/CPC in the intimation made under section 143(1) of the Act. In the impugned Assessment Order passed under section 143(3) of the A....