TaxTMI 
TaxTMI 
2024 (12) TMI 1255
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.... passed u/s 153C of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 31.03.2022 by the Assessing Officer, DCIT, Central Circle-28, New Delhi (hereinafter referred to as "ld. AO"). 2. Though the assessee has raised several grounds, the only effective issue to be decided in this appeal is as to whether the ld PCIT was justified in invoking his revision jurisdiction u/s 263 of the Act in the facts and circumstances of the instant case. 3. We have heard the rival submissions and perused the material available on record. The return of income for AY 2013-14 was filed by the assessee on 29.09.2013 declaring total income of Rs. 8,090/-. A search and seizure action u/s 132 of the Act was carried out on 18.10.2019 at Alankit Gr....
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....el/2024 for AYs. 2015-16 to 2018-19 dated 30.08.2024 in support of his contentions. We have gone through the said decision and we find that the ratio decidendi of the said decision squarely applies to the facts of the instant case before us. The relevant operative portion of the said decision is reproduced herein:- "9. We find that in the impugned order the ld. PCIT has not taken account of the fact that the assessments were completed after prior approval of the competent authority. Thus, we are of the considered view that at the time of examining the issue as to if the assessment order is erroneous so far as prejudicial to the interest of the Revenue, the Id. revisional authority is not only supposed to see the assessment record of AO, b....
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....all for and examine the record of any proceeding under this Act and if he considers that any order passed therein by the Assessing Officer, is erroneous in so far as it is prejudicial to the interests of the Revenue may make enquiry as he deems necessary, pass such order thereon as the mrcumstances of the case justify. For passing any order under Sections 143(3) & 153A of the Act, prior approval of Joint Conders Sections required under Section 153A of the Act, or Principal Commissioner or Commissioner as the case may be. Therefore, once prior approval had already been taken by the Assessing Officer and accepted the return submitted by the assessee, then the same authority canned exercitume power under Section 263 of the Act to reverse the o....