2024 (9) TMI 213

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.... DR ORDER PER B.M. BIYANI, A.M.: Feeling aggrieved by revision-order dated 26.03.2024 passed by learned Pr. Commissioner of Income-Tax (Central), Bhopal ["PCIT"] u/s 263 of Income-tax Act, 1961 ["the Act"] which in turn arises out of assessment-order dated 30.03.2022 passed by learned ACIT, Central, Bhopal ["AO"] u/s 153C r.w.s. 143(3) of the act for Assessment-Year ["AY"] 2014-15, the as....

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.... 153C for AY 2014-15 is erroneous in so far it is prejudicial to the interest of revenue which attracts revisionary-jurisdiction u/s 263. Accordingly, the PCIT issued show-cause notice dated 05.01.2024 and finally passed revision-order dated 26.03.2024. Aggrieved by such revision-order, the assessee has come in this appeal before us. 3. Ld. AR for assessee carried us to revision-order and demon....

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..... Therefore, the assessment-order passed by AO is rendered erroneous-cum-pre-judicial to the interest of revenue warranting revisionary action u/s 263. 4. We have heard learned Representatives of both sides peacefully and considered their submissions and perused the impugned order in the light of applicable provisions of Income-tax Act. 5. On a careful consideration, we find that the PCIT ha....

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....led proposition for assessment to be made u/s 153A/153C as per landmark judgement of Hon'ble apex court in PCIT Vs. Abhishar Buildwell Pvt. Ltd. (2023) 454 ITR 212 (SC). The facts of case shows that the PCIT has revised AO's order for the issue of disallowance of excessive interest paid by assessee on loans taken in comparison to the interest received on loans given. The issue raised by PCIT does ....