2022 (5) TMI 1719

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....ent : Shri K.K. Mishra ORDER 1. By way of the present appeal the Appellant/Assessee has challenged the order, dated 26.03.2021, passed by the Ld. Principal Commissioner of Income Tax, Mumbai - 6 (Hereinafter referred to as 'the PCIT'] under Section 263 of the Income Tax Act, 1961 (hereafter referred to as 'the Act') whereby the PCIT had set aside Assessment Order, dated 15.12.2017, passed un....

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....CIT instituted revision proceedings under Section 263 of the Act on 16.03.2021. The PCIT noted that the Appellant had issued 5,99,076 equity shares having face value of INR 10 each at a premium of INR 555/- per share during the financial year relevant to the Assessment Year 2015-16, whereas, according to the PCIT, the fair market value of such shares was (-) 44. The PCIT was of the view that recei....

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....he PCIT has not considered the same. Further, the order has been passed ex-parte without giving effective opportunity of being heard and therefore, matter be remanded back to the file of PCIT. Ld. Departmental Representative relied on paragraph 4 of the impugned order to show that opportunity was granted to the appellant, but fairly accepted that restoring the matter to the file of the PCIT would ....

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....oint on which revisional powers were sought to be exercised. Notice under Section 263 of the Act was issued on 16.03.2021 fixing 22.03.2021 as date of compliance. This was followed by a reminder, dated 22.03.2021, fixing 25.03.2021 as date for compliance, and on 26.03.2021 order was passed under Section 263 of the Act. 7. In the facts and circumstances of the present case as noted hereinabove, ....