Raghuleela Estates Private Limited Vs PCIT (ITAT Mumbai)
ITAT Mumbai held that PCIT grossly erred in assuming jurisdiction u/s. 263 of the Income Tax Act as assessment order has been framed in the name of a non-existing assessee.
Facts- The present appeal is preferred by the assessee against the order framed u/s 263 of the Act by the PCIT pertaining to Assessment Year 2020-21.
The sum and substance of the grievance of the assessee is that the PCIT erred in assuming jurisdiction u/s 263 of the Act and further erred in holding that the assessment order dated 31/03/2022 framed u/s 143(3) of the Act is erroneous and prejudicial to the interest of the revenue.
Conclusion- Held that the assessment order was framed in the name of Wadhwa & Associates Realtors Pvt. Ltd., whereas the assessee got amalgamated with Raghu Leela Estates Pvt. Ltd. Therefore, at the very outset, we have no hesitation in holding that the assessment order has been framed in the name of a non-existing assessee and the PCIT grossly erred in assuming jurisdiction u/s 263 of the Act in the case non-est entity.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
This appeal by the assessee is preferred against the order dated 26/03/2024, framed u/s 263 of the Act by the PCIT (Central), Mumbai-3 (in short ‘PCIT’), pertaining to Assessment Year 2020-21.
