Re: Issue of Form 3
Respected Sir,
In response to Form 1 & 2 filed by the declarant, PCIT issued Form 3 in December,20. The Declarant paid taxes accordingly. On 10th March,21, PCIT uploaded the revised Form 3 determining liability @ 125% invoking FAQ 70.
Q1:- Whether PCIT has power to revise Certificate issued due to CHANGE OF OPINION?
Subsequently on 24th March, 2021, the declarant made submission to restore original Form 3in terms of modification (clarification)of FAQ 70 since declarant case was neither covered under search or survey nor assessment was made thereunder.Further, in an identical case of the declarant, the Hon.Bombay HC has allowed the petition in the matter of Bhupendra Harilal Mehta V PCIT 19 (same PCIT of Querist). Till now PCIT has not revised and restored original Form 3.
Q2: Kindly suggest remedy.
Q3: Is it not contempt of the court for not following jurisdictional court order?
According to us ,PCIT should have passed the rectified order in accordance with the Judgement of Jurisdictional High Court . Jurisdictional High Court is binding on the all Authorities with in the State In CIT v. Raghuvir Synthetics Ltd. (2017) 394 ITR 1 (SC) and ACIT v. Saurashtra Kutch Stock Exchange Ltd. (2008) 305 ITR 227 (SC) the Court
held that the law laid down by the High Court is binding .
It may be desirable to make one ,more application pointing out the jurisdictional High Court also referring the ratio of Supreme Court to the PCIT and also Chairman CBDT. In case no response is received the assessee may file Writ before the High Court .
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Sir,
Thanks a lot for the selfless service.