2026 (10) TMI 200

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.... 1961 (IT Act). The Assessment Year in question is A.Y.2013-14. For A.Y.2013-14, the Petitioner being a Cooperative Credit Society registered under the Maharashtra Cooperative Societies Act, 1960 had filed its Return of Income on 25th September 2013 declaring its total income as "Nil", after claiming a deduction under Section 80P(2)(a)(i) of the IT Act. This Return of Income was picked up for scrutiny and an Assessment Order under Section 143(3) was passed on 9th March 2016 accepting the Assessee's income as "Nil". Subsequently, a Notice dated 19th March 2021 was issued under Section 148 seeking to reopen the assessment for A.Y. 2013-14. Thereafter, Notices under Section 142(1) were also issued on 14th July 2021, 18th November 2021 and 7th ....

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...., it appears that assessee has not co-operated during the course of assessment proceedings. The assessment order passed by AO is well reasoned order and there is no requirement to interfere in the order passed by the AO. While passing the order the AO has considered all material facts pertaining to the case. Therefore, it is not a case which is prejudicial to the assessee. The petition filed by the assessee is being rejected." 4. On reading this order we find that the Revisional Authority has failed to exercise its jurisdiction vested in it under Section 264 of the IT Act. Section 264 inter alia clearly stipulates that where an Assessee applies for a revision of any order, other than an order to which Section 263 applies, the Commissione....