TaxTMI 
TaxTMI 
2026 (5) TMI 666
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....come-tax Act, 1961 [hereinafter referred to as "the Act"], for the Assessment Year (AY) 2018-19. 2. The assessee has raised the following grounds of appeal: "1. The Order passed u/s 263 of the Act by the Ld. PCIT is in against law, equity & justice. 2. The Ld. PCIT has erred in law assuming jurisdiction u/s 263 of the Act as assessment order passed by Ld. AO is itself void. 3. The Ld. PCIT has erred in law in assuming the jurisdiction U/S 263 of the Act as assessment order is passed after obtaining approval u/s 153D of the Act. 4. The Order passed u/s 263 of the Act by the Ld. PCIT is void and illegal as not addition/disallowance can be made for unabated assessment without incrementing document. ....
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....rder was set aside with a direction to the Assessing Officer to examine the issue afresh. 5. Aggrieved by the order of the Ld. PCIT, the assessee is now in appeal before the Tribunal. 6 The Ld. AR submitted before us that the year under consideration is an unabated assessment year and no addition could be made in absence of incriminating material found during the course of search. It was further submitted that the issue sought to be revised is not based on any incriminating material and therefore the assumption of jurisdiction u/s 263 is invalid. The Ld. AR also contended that the Assessing Officer had already examined the issue of unsecured loans and made addition u/s 68 of the Act, and the assessment order having been passed with ap....
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....ilable on record. It is a settled position of law that for invoking jurisdiction under section 263, the order of the Assessing Officer must be both erroneous and prejudicial to the interest of the Revenue. The provisions of Section 263 of the Act read as under:- "Revision of orders prejudicial to revenue. 263. (1) The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer or the Transfer Pricing Officer, as the case may be, is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportu....
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....der under section 92CA by the Transfer Pricing Officer; (b) "record" shall include and shall be deemed always to have included all records relating to any proceeding under this Act available at the time of examination by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner; (c) where any order referred to in this sub-section and passed by the Assessing Officer or the Transfer Pricing Officer, as the case may be, had been the subject matter of any appeal filed on or before or after the 1st day of June, 1988, the powers of the Principal Commissioner or Commissioner under this sub-section shall extend and shall be deemed always to have extended to such matters as had not been consid....