TaxTMI 
TaxTMI 
2022 (8) TMI 1538
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....the Income Tax Act, 1961 (hereinafter referred to as "the Act") for A.Y. 2012-13. 2. The brief facts leading to the case is this that the assessee filed its return of income for the year under consideration on 07.01.2013 declaring total income of Rs. 2,89,450/-. 3. The case of the assessee was reopened by issuing notice under Section 148 of the Act on 18.02.2019 on the basis of the assessee entering into the financial transactions amounting to Rs. 1,70,27,660/- during the year under consideration. The assessee accordingly filed its return on 17.04.2019 declaring total income at Rs. 3,74,870/-. The said assessment was completed under Section 143(3) r.w.s. 147 of the Income Tax Act, 02.12.2019 determining total assessed income at Rs. 8,00,5....
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....t invoke jurisdiction under Section 263 against the said order of AO on account of statutory bar. On this count he has relied upon the judgment passed by the Hon'ble Madras High Court in the case of Smt. Renuka Philip vs. ITO, Business Ward-XV(2), Chennai, reported in (2019) 101 taxmann.com 119 (Madras). He has further relied upon the judgment passed by the Allahabad High Court in the case of CIT, Meerut vs. Vam Resorts & Hotels Pvt. Ltd., reported in (2019) 111 taxmann.com 62 (Allahabad). 5. On the other hand, the Ld. DR relied upon the order passed by the authorities below. 6. It appears from the records that Ld. AO has examined each and every aspect of the matter after analyzing the entire set of documents submitted by the assessee....
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....on under Section 54 of the Act should be accepted. 23. Therefore, in the process of considering as to what relief the assessee is entitled to, the Assessing Officer held that the assessee is entitled to claim deduction under Section 54F of the Act and assigned certain reasons for that. Therefore, the larger issue was pending before the Commissioner of Appeals, and in such circumstances, the Commissioner could not exercise power under Section 263 of the Act on account of the statutory bar. Therefore, on this ground also, the assumption of jurisdiction under Section 263 of the Act was wholly erroneous." Apart from that we have further considered the judgment passed by the Hon'ble Allahabad High Court in the case of Vam Resorts & Hotels....
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....on 7.3.2004 under Section 263/143(3) of the Act cannot be accepted in view of the above provision of law. 27. In the present case, the Tribunal had recorded specific finding of fact that the assessing authority had examined each and every aspect of the case on which the remand order hinges, as such the remand order was not sustainable in the eyes of law. 28. Considering the facts and circumstances of the case, we are of the considered opinion, that the revenue has failed to make any case for interference in the order of the ITAT, as the CIT had proceeded to remand the matter back to the assessing authority while the appeal of the assessee was pending under Section 250 and the power of exercise under Section 263 was barred by Clause (c) ....