2024 (12) TMI 1601

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....nda, Adv. For the Revenue by Ms. Banita Devi Naorem, CIT DR ORDER PER C.N. PRASAD, J.M. These two appeals are filed by the Assessee against different orders of Ld. Pr.CIT, Delhi-4 dated 31.03.2024 passed u/s 263 of the Income Tax Act, 1961 for the assessment years 2018-19 & 2019-20. 2. Ld. Counsel for the assessee, at the outset, submits that the Ld.CIT(Appeals) passed order u/s 263....

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.... Chemist Ltd. (167 taxmann.com 284) (Del.). 3. Ld. Counsel for the assessee further submits that the fact of the assessee not receiving any dividend/exempt income during these assessment years was also submitted before the Ld. PCIT while replying to the show cause notice issued u/s 263 of the Act. Ld. Counsel submits that the reply to show cause notice is placed at pages 134 to 136 of the Paper....

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.... orders passed u/s 153A of the Act are prejudicial to the interest of the Revenue. 5. Heard rival submissions, perused the orders of the authorities below. On perusal of the balance sheet of the assessee which is placed at pages 72 and the schedule of other income which is placed at page 91 of the Paper Book suggests that the assessee had not received any dividend/exempt income. We also observe....

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....on-jurisdictional High Court decisions and the binding decision of the jurisdictional High Court in the case of PCIT Vs. IL & FS Energy Development Company Ltd. (supra) and PCIT Vs. Era Infrastructure (I) Ltd. (supra) were ignored. In these two cases the jurisdictional High Court had clearly held that where the assessee had not earned any exempt income in the relevant assessment year there could b....