2024 (10) TMI 207

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....ct, 1961 (hereafter the Act) impugning an order dated 06.02.2024 (hereafter the impugned order) passed by the learned Income Tax Appellate Tribunal (hereafter the Tribunal), in ITA No. 198/DEL/2020, for the Assessment Year 2015-16. The appellant (assessee) had preferred the said appeal impugning an order dated 18.11.2019 passed by the learned Principal Commissioner of Income Tax (hereafter the CIT) under Section 263 of the Act holding that the Assessment Order dated 04.05.2017 passed by the learned Assessing Officer (hereafter the AO) under Section 143 (3) of the Act in respect of the assessment year 2015-16, is erroneous, in so far as it is prejudicial to the interest of the Revenue. 2. The learned CIT concluded that the AO had not verifi....

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....he audit report furnished by the appellant is dated 04.09.2015. Therefore, the Auditors could not have commented upon the dishonour of the cheques, as the report was prior to the dates of the cheques. 5. Pursuant to the order passed by the learned CIT, the AO passed an order dated 24.09.2021 under Section 144 read with Section 263 and 144 B of the Act. The learned AO assessed the appellant's income for the assessment year 2015-16 at Rs.1,86,11,320/- and raised a demand of Rs.44,19,500/-. In the meanwhile, on 10.01.2020, the appellant preferred an appeal before the Tribunal against the order dated 18.11.2019 passed by the learned CIT under Section 263 of the Act. 6. On 20.10.2021, the appellant also filed an appeal against the assessment o....

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....order under section 92CA and directing a fresh order under the said section. Explanation 1.-For the removal of doubts, it is hereby declared that, for the purposes of this sub-section,- (a) an order passed on or before or after the 1st day of June, 1988 by the Assessing Officer [or the Transfer Pricing Officer, as the case may be, shall include- (i) an order of assessment made by the Assistant Commissioner or Deputy Commissioner or the Income-tax Officer on the basis of the directions issued by the Joint Commissioner under section 144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer [or the Transfer Pricing Officer, as the case may be,] conferred ....

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....ng inquiries or verification which should have been made; (b) the order is passed allowing any relief without inquiring into the claim; (c) the order has not been made in accordance with any order, direction or instruction issued by the Board under section 119; or (d) the order has not been passed in accordance with any decision which is prejudicial to the assessee, rendered by the jurisdictional High Court or Supreme Court in the case of the assessee or any other person. Explanation 3.-For the purposes of this section, "Transfer Pricing Officer" shall have the same meaning as assigned to it in the Explanation to section 92CA. (2) No order shall be made under sub-section (1) after the expiry of two years from the end of the financ....