2025 (6) TMI 65

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....shnan, CA For the Respondent : Smt. Leena Lal, Sr. D.R. ORDER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Exemptions), Kochi, dated 30.03.2024 for Assessment Year (AY) 2018-19. 2. Brief facts of the case are that the appellant is a trust duly registered u/s. 12A of the Income Tax Act, 1961 (the Act). The....

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....ars remain unutilised during the current year and, therefore, should have been taxed under the provisions of section 11(3) of the Act. Accordingly, formed an opinion that the assessment order passed by the AO is erroneous and prejudicial to the interests of Revenue. 4. Accordingly, issued a show cause u/s. 263 of the Act on 31.01.2019 proposing to revise the assessment order. In response to the....

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.... AO had passed the assessment order without examining the issue, the assessment order is erroneous and prejudicial to the interests of Revenue. Accordingly, set aside the assessment order by directing the AO for fresh examination of the issue after affording reasonable opportunity of hearing to the appellant. 5. Being aggrieved, the appellant is in appeal before this Tribunal in the present app....

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....ests of revenue. In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be made to the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC). The error in the assessment order should be one that it is no....