2024 (7) TMI 282

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....17-18. 2. Since the issues are identical in both the appeals, we hereby pass a consolidated order by taking ITA No. 1711/Mum/2024, pertaining to A.Y. 2016-17 as the lead case. ITA No. 1711/Mum/2024 3. The Revenue has challenged these appeals on the ground that the ld. CIT(A) has erred in allowing the assessee to withdraw the appeal against the order u/s. 143(3) r.w.s. 263 of the Act on the ground that the Tribunal has quashed the section 263 order and that the ld. CIT(A) has erred in not deciding the appeal on the merits of the case. 4. Briefly stated the assessee company is a resident of Singapore which invests in Indian capital market registered with Security and Exchange Board of India (SEBI) as a Foreign Portfolio Investor (....

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....ed 18.07.2022 was passed by the ld. A.O. where the ld. A.O. determined the total income at Rs. 62,91,62,079/- holding that the assessee cannot carry forward losses as per the I. T Act and it was further appealed by the assessee before the first appellate authority. 6. During the pendency of the appeal before the ld. CIT(A), the Tribunal vide order dated 09.03.2023 had quashed the revisionary order passed u/s. 263 of the Act on the ground that as the assessment was a limited scrutiny on the issue of examining outward foreign remittance, the ld. CIT had no jurisdiction to invoke revisionary powers on issues which were not subject matter of limited scrutiny. Subsequently, the ld. CIT(A) in his order dated 19.01.2024 had dismissed the appeal....

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....ated the fact that since section 263 order has been set aside by the Tribunal, the consequential assessment order would not survive and further requested for withdrawing the captioned appeals and to dismiss the same accordingly, the Commissioner of Appeals has in his order discussed the power of ld. CIT(A) as per section 251 of the Act whereby he can confirm, reduce, enhance or annul the assessment while deciding the appeal u/s. 246A of the Act filed by the assessee which are within the purview of section 251(1)(a) of the Act. The ld. CIT(A) had also relied on the decision of the Hon'ble Jurisdictional High Court in the case of Premkumar Arjundas Luthra (supra) which was relied upon by the ld. DR and also the decision Hon'ble Madras Hig....