2025 (3) TMI 1849

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....he Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 22.02.2013 by the Assessing Officer, DCIT, Central Circle-28, New Delhi (hereinafter referred to as 'ld. AO'). 2. Identical issues are involved in all these appeals and hence they are taken up together and disposed of by this common order for the sake of convenience. 3. The only identical issue to be decided in both these appeals is validity of assumption of revision jurisdiction u/s 263 of the Act by the ld PCIT. 4. We have heard the rival submissions and perused the material available on record. A search and seizure action u/s 132 of the Act was carried out in Ocus Group of cases on 12.02.2013 including the assessee. The case of the assessee was centralized u/s ....

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....e receipt of share capital and share premium in the hands of the assessee company and completed the assessment. Since, the said transaction was considered as accommodation entry obtained by Shri Ashok Kumar Tyagi in his individual capacity for and on behalf of the assessee company, commission income was added for the very same transaction in his hands. In other words, the assessee company was merely treated as pass through entity by the ld AO wherein assessee had received funds from certain parties and handed over the same to another party. 5. This assessment was sought to be revised by the ld PCIT by assuming revision jurisdiction u/s 263 of the Act by treating the order of the ld AO as erroneous in as much as it is prejudicial to the i....