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2024 (11) TMI 689

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....s "Ld.AO) for Assessment Year 2014-15. 2. Brief facts of the case are that on 01.11.2014 assessee e-filed return of income declaring income of Rs. 2,51,990/-. The case was selected for Limited Scrutiny through CASS. Notice under Section 143(2) of the Act dated 18.09.2015 was issued. The case was received on transfer after 16.05.2016 due to change in jurisdiction. Notice under Section 142(1) of the Act dated 01.06.2016 was issued. Shri R R Singhla, Chartered Accountant filed Power of Attorney, attended proceedings from time to time and filed requisite documents. During course of assessment, it was found that assessee company was dealing in shares. The details were furnished and examined. The return income was accepted vide order dated 02.08....

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....ted AO to undertake enquiry. Ld. PCIT without establishing any error in the order of Ld. AO which is fundamental and preliminary condition for invoking the jurisdiction u/s 263 is bad in law. Ld. PCIT erred in not appreciating that there cannot be parallel proceeding u/s 263 of the Act. The following case laws are in favour of the assessee. i) Green World Corporation (2009) 181 Taxman (SC), CIT v. Vodafone, Essar South India Ltd. (2012) 28 Taxman.com 273 (Del), CIT v. Anil Kumar Sharma (2010) 194 Taxman 504(Delhi) provide as: "No Inquiry" is different from "inadequate Inquiry" and where the Id. AO makes enquiries as it seems appropriate on the facts and in the circumstances of the case, assumption of jurisdiction u/s 263 of the Act is n....

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....n of income for the year 2014-15 on 01.11.2014 declaring an income of Rs. 2,51,990/-. Assessment order dated 02.08.2016 mentions that the case was selected for limited scrutiny through CASS. As per notice assessee furnished required information and reply on the basis of which the return income was accepted and assessed on return income. Learned PCIT vide order dated 11.03.2019 set aside order dated 02.08.2016 and directed Learned A.O. to pass an order afresh. Appeal of the assessee was dismissed by ITAT, Delhi on 13.06.2022. Hon'ble High Court of Punjab and Haryana in order dated 09.05.2023 set aside order dated 13.06.2022 and remanded the matter back to PCIT to pass a well reasoned order. Learned PCIT issued notice under Section 263 of the....