2025 (5) TMI 870

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.... (Appeals)(hereinafter also referred to as 'the CIT(A)') has erred in upholding the addition (w.r.t. alleged mismatch in value of stock-in-trade of Rs. 83,66,359/-) made in the consequential assessment order passed under section 144 read with section 263; disregarding the fact that this Hon'ble Income Tax Appellate Tribunal in ITA No.: 1167/Mum/2021 (order dated 30.03.2022) had already held that the it was beyond the jurisdiction for the Principal Commissioner of Income Tax to raise the issue regarding alleged mismatch in value of stock-in-trade of Rs. 83,66,359/-; accordingly, the impugned consequential assessment order dated 13.09.2021 was itself void-ab-initio. 2. Without prejudice to the above ground, in the facts a....

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....nate Tax in accordance with Section 115JC while passing assessment order and levied tax @ 18.5% on the Gross Total Income without reducing the amount of 100% deduction of profits allowable u/s. 80IB(10) in respect of housing project undertaken by the assessee. 2.3 Subsequently, Ld.PCIT-3, Thane invoked revisionary proceedings under section 263 on the premises that, the Ld.AO overlooked alleged discrepancy in stock amount to Rs. 83,66,359/- and overlooked the fact of whether, condition to claim deduction under section 80IB(10) had been fulfilled by assessee or not. 2.3.1. In response to the above show cause notice, the assessee filed detailed reply along with documentary evidences. The Ld. PCIT after considering the same passed order u....

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....this Tribunal dismissed invoking of provisions u/s.263 in respect of difference in closing stock. It is submitted that, as assessee could not represent before the Ld.CIT(A) the said order of this Tribunal in ITA No.1167/Mum/2021 vide order dated 30/03/2022 could not be bought to the notice Ld.CIT(A). The Ld.AR submitted that, the only addition made by the Ld.AO in the assessment order is in respect of difference in closing stock amounting to Rs. 83,89,056/-. 4.1 The Ld.AR submitted that, as Tribunal held that 263 has been wrongly involved on this issue by coordinate bench of this Tribunal, in ITA no. 1167/Mum/2021 (supra), consequential assessment order passed dated 30/09/2021 has no legs to stand. He thus submitted that, the addition de....