TaxTMI 
TaxTMI 
2026 (2) TMI 631
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....eal are as under:- "1. The order passed by the Ld. Pr. C.IT. is against law, equity & justice. 2. The Ld. PCIT has erred in law and on facts on various grounds in passing order U/S 263 of the Act to set aside order passed by the Ld. A.O. 3. The Ld. Pr. CIT has erred in law and on facts in initiating and passing the order U/S 263 of the Act is bad and illegal, as conclusion drawn by the Income Tax Officer cannot be termed as erroneous. 4. The Ld. Pr. CIT has erred in law and on facts in setting aside the assessment order passed by the Ld. A.O. U/S 147 r.w.s 144B directing AO for making addition for the bogus long term capital loss claimed of Rs 1,43,93,973/- 5. The appellant craves liberty to add,....
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....he whole claim of generating bogus losses by the assessee has accepted the assessee's income as per the response to notice u/s. 148. In fact, this bogus loss was required to be added back to the income of the assessee u/s. 69A of the Act as unexplained money. Notice u/s. 263 was issued on 07-03-2025 which was replied by the assessee on 15-03-2024. After taking cognizance of the assessee's submissions, the Pr. CIT directed the Assessing Officer to pass a fresh assessment order and also directed to apply correct provisions of Act i.e. section 69A and taxed to be chargeable at special rate u/s. 115BBE. Thus, the Pr. CIT set aside the order passed by the Assessing Officer u/s. 147 of the Act dated 12-03-2024. 4. Being aggrieved by the order ....
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....dditional ground nos. 1 and 2 relating to assumption of jurisdiction by Pr. CIT u/s. 263 of the Act is "borrowed" and "dictated" satisfaction of the Assessing Officer instead of "independent satisfaction" while passing the order u/s 263 of the Act by the Pr. CIT. It is pertinent to note that the Pr. CIT has invoked the said provisions as the PCIT considered that the Assessing Officer has not made inquiry relating to the issue of purchase and sale of share i.e. Excel Castronics Pvt. Ltd. Thus, it will not amount to borrowed and dictated satisfaction. Besides this, as per Sec. 263 of the Income Tax Act, provisions of Sec. 263 can be invoked only when it is erroneous in so far as prejudicial to the interest of revenue, secondly, if the assessm....
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....income tax return for assessment year 2016-17 on 07- 12-2021 and the same was verified on 09-12-2021 by the Department. In fact, the assessee has filed the return in response to the notice u/s. 148 of the Act and also disclosed all the relevant material related to the queries asked by the Assessing Officer through various notices issued u/s. 142(1) of the Act. The Ld. AR submitted that the PCIT cannot direct the Assessing Officer to invoke particular Section for addition or disallowance u/s 263 of the Act. 8. We have heard both the parties and perused all the material available on record. It is pertinent to note that the Pr. CIT directed the Assessing Officer to pass fresh assessment order, as the Assessing Officer has not taken into acc....