2025 (2) TMI 1811

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....dent Represented : Shri P. N. Barnwal, CIT, DR ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal filed by the assessee is directed against the revision order dated 18.03.2024 of the Pr. Commissioner of Income Tax (Central), Kolkata-2 [hereinafter referred to as Ld. "Pr. CIT'] passed u/s. 263 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") for Assessment Yea....

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....the Act and set aside the assessment order dated 26.03.2022 passed u/s. 153A/143(3) of the Act directing the Assessing Officer to make necessary verification/enquiry on the instant issue and pass a fresh assessment order and recompute the income of the assessee accordingly on the aforesaid limited issue. 4. So far as the issue of allowability of interest paid/incurred on late payment of TDS is ....

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....Act. The ld. Counsel for the assessee in this respect has relied upon the decision of the Hon'ble M. P. High Court at Indore Bench in the case of PCIT Vs. Prakhar Developments Pvt. Ltd., Income Tax Appeal No. 179/2023 decided vide order dated 01.04.2024, wherein, the Hon'ble High Court in para 8 of the said order has made the following observation: "Even otherwise, as per Section 263 of t....

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....er section 263 of the Act to reverse the order of Assessing Officer." 5. A perusal of the above observations of the Hon'ble High Court would reveal that the Hon'ble High Court has held that once prior approval had already been taken by the Assessing Officer and accepted the return submitted by the assessee, then the same authority cannot exercise the power u/s. 263 of the Act to reverse the ord....