Principal Commissioner exercised its jurisdiction under section 263 and directed Assessing Officer to pass fresh assessment by looking into share capital\/premium collected by assessee. Tribunal set aside order passed under section 263 and remanded matter back to Principal Commissioner for a fresh decision. While matter was pending, Assessing Officer completed assessment pursuant to search and seizure operation under section 153A. Commissioner did not consider effect of order passed under section 153A by stating that it was irrelevant and Commissioner proceeded to pass order under section 263.\u00a0 Tribunal held that Principal Commissioner while exercising his jurisdiction under section 263 was bound to look into subsequent action of Assessing Officer i.e. reassessment order under section 153A, wherein no adverse inference was drawn against share capital\/premium collected by assessee during year under consideration and same had been accepted after enquiry. Further, under section 263, Principal Commissioner had to examine all records pertaining to assessment year at time of examination by him, which included, post-search assessment proceedings and thereafter only if he found that order passed by Assessing Officer on any issue was erroneous insofar as it was prejudicial to interest of revenue, then only he would interfere by enhancing\/modifying\/cancelling assessment order.On appeal\u00a0 High Court\u00a0 held that finding rendered by Tribunal was\u00a0 justified as Principal Commissioner could not have ignored order passed under section 153A as being immaterial and irrelevant\u00a0 and the order of Tribunal affirmed.SLP of revenue was dismissed as the revenue court not explain the delay of 646 days in filing SLP.\u00a0 AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-share capital-Share premium-Principal Commissioner had to examine all records pertaining to assessment year at time of examination by him, which included, post-search assessment proceedings and thereafter only if he found that order passed by Assessing Officer on any issue was erroneous insofar as it was prejudicial to interest of revenue-Order of Tribunal quashing the revision order was affirmed-SLP of revenue was dismissed as the revenue court not explain the delay of 646 days in filing SLP. [S. 68, 153A, Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59360","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-frq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59360"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59360\/revisions"}],"predecessor-version":[{"id":59361,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59360\/revisions\/59361"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}