2021 (12) TMI 1534

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....an, Advocate. For the Respondent : Shri M. Murali, CIT. ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Principal Commissioner of Income Tax, Salem dated 21.03.2018 relevant to the assessment year 2013-14 passed under section 263 of the Income Tax Act, 1961 ["Act" in short]. 2. Brief facts of the case are that the a....

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....ferred under section 263 of the Act, the ld. PCIT issued a show-cause notice to the assessee dated 06.03.2018 on the ground that the assessment order passed by the Assessing Officer dated 05.08.2015 is erroneous and prejudicial to the interest of Revenue for the reason that the Petrol and Diesel has to be sold at the rate per litre fixed by the Govt. Of India/Oil Companies and therefore, the disco....

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....rder clearly noted that all the details are verified and the assessment is completed. Therefore, the assessment order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of Revenue. Therefore, the ld. Counsel for the assessee prayed that the revision order passed by the ld. PCIT dated 21.03.2018 may be quashed. 5. On the other hand, the ld. DR supported the orde....

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....and 5, the ld. Counsel for the assessee has submitted that after considering the above explanations of the assessee and making due enquires in respect of discounts to members as well as non-members, the Assessing Officer has completed the assessment. Therefore, the assessment order passed by the Assessing Officer cannot be said that it is neither erroneous nor prejudicial to the interest of the Re....