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| The Tax Publishers2020 TaxPub(DT) 0892 (Mad-HC) INCOME TAX ACT, 1961
Section 263
Where order passed for the assessment year 2014-15 has not clearly discussed the issue and instead, it had accepted the returns filed by assessee based on the decision of this Court without actually discussing how the revised returns filed by assessee under section 143(3) was acceptable, it was for assessee to establish before Revenue as to whether the invocation of section 263 was justified or not.
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Revision under section 263 - Validity - Contention of assessee was that Revenue had no basis to come to conclusion that orders have been passed erroneously -
Assessee challenged the notice issued under section 263 seeking to re-open the assessment order. The contention of petitioner was that CIT had no basis to come to the conclusion that orders have been passed erroneously or to dis-prejudice of the revenue. It was submitted that all the issues raised in order were pursuant to a notice issued under section 148. Held: The assessment order passed for the assessment year 2014-15 had not clearly discussed the issue. Instead, it had accepted the returns filed by assessee based on the decision of this Court without actually discussing how the revised returns filed by assessee under section 143 (3) was acceptable. It was for assessee to establish before Revenue as to whether the invocation of section 263 was justified or not. Therefore, assessee was directed to file its reply to notice within 30 days.
REFERRED : CIT v. Alagendran Finance Ltd. (2007) 293 ITR 001 (S.C) : 2007 TaxPub(DT) 1408 (SC) Malabar Industrial Co. Ltd. v. CIT (2000) 243 ITR 083 (S.C.) : 2000 TaxPub(DT) 1227 (SC) Indian And Eastern Newspaper Society v. CIT (1979) 119 ITR 996 (SC) : 1979 TaxPub(DT) 1081 (SC)
FAVOUR : Against the assessee
A.Y. :
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