Ozone Overseas (P) Ltd. v. Pr. CIT

Case Laws Analysis
REFERRED Malabar Industrial Co. Ltd. v. CIT 2000 TaxPub(DT) 1227 (SC)

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The Tax Publishers2024 TaxPub(DT) 1015 (Del-Trib) IN THE ITAT DELHI BENCH M. BALAGANESH, A.M. & YOGESH KUMAR U.S., J.M. Ozone Overseas (P) Ltd. v. Pr. CIT ITA No. 1535/Del/2023 23 February, 2024 Assessee by: Lalit Mohan, CA Respondent by: Subhra Jyoti Chakaraborty, Commissioner-Departmental Representative ORDER *Yogesh Kumar U.S., J.M.* This appeal filed by the Assessee against the order of Learned Principal Commissioner of Income Tax, New Delhi-7, (learned Principal Commissioner, for short), dated 31-3-2023 for assessment year 2018-19. The following grounds of appeal taken by the assessee: 1. That order dated 31-3-2023 under section 263 of the Act by the learned Pr. Commissioner of Income Tax, Delhi-7, New Delhi has been made without satisfying the statutory preconditions contained in the Act and is therefore without jurisdiction and thus, deserves to be quashed as such. 2. That the learned Principal Commissioner of Income Tax has failed to appreciate that once the learned assessing officer on examination of the facts on record and after making all possible enquiries had accepted claim of the appellant then such an order of assessment could not be regarded as erroneous in as much as prejudicial to the interest of revenue merely because the learned Commissioner of Income Tax had a different opinion and that too, without having established in any manner that, view adopted by the learned assessing officer was an impossible or unsustainable view. 3. That further more the learned Principal Commissioner of Income Tax has proceeded to set aside the order on mere speculation, generalized observations, theoretical allegations and assertions, without there being any supporting evidence and is therefore not in accordance with law. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2024 TaxPub(DT) 1015 (Del-Trib)

IN THE ITAT DELHI BENCH

M. BALAGANESH, A.M. & YOGESH KUMAR U.S., J.M.

Ozone Overseas (P) Ltd. v. Pr. CIT

ITA No. 1535/Del/2023

23 February, 2024

Assessee by: Lalit Mohan, CA

Respondent by: Subhra Jyoti Chakaraborty, Commissioner-Departmental Representative

ORDER

Yogesh Kumar U.S., J.M.

This appeal filed by the Assessee against the order of Learned Principal Commissioner of Income Tax, New Delhi-7, (learned Principal Commissioner, for short), dated 31-3-2023 for assessment year 2018-19. The following grounds of appeal taken by the assessee:

1. That order dated 31-3-2023 under section 263 of the Act by the learned Pr. Commissioner of Income Tax, Delhi-7, New Delhi has been made without satisfying the statutory preconditions contained in the Act and is therefore without jurisdiction and thus, deserves to be quashed as such.

2. That the learned Principal Commissioner of Income Tax has failed to appreciate that once the learned assessing officer on examination of the facts on record and after making all possible enquiries had accepted claim of the appellant then such an order of assessment could not be regarded as erroneous in as much as prejudicial to the interest of revenue merely because the learned Commissioner of Income Tax had a different opinion and that too, without having established in any manner that, view adopted by the learned assessing officer was an impossible or unsustainable view.

3. That further more the learned Principal Commissioner of Income Tax has proceeded to set aside the order on mere speculation, generalized observations, theoretical allegations and assertions, without there being any supporting evidence and is therefore not in accordance with law.