Case Law Details
Sunayana Commercial Pvt. Ltd. Vs PCIT (ITAT Mumbai)
ITAT Mumbai held that revisionary power under section 263 of the Income Tax Act is not invocable for taking second opinion by Pr. CIT as the facts were already examined by AO.
Facts- Based on the information, notice u/s. 148 was issued on 15.06.2017 and notice u/s. 142(1) was issued on 29.11.2017. AO made disallowance u/s 14A towards Rs. 5,84,041/-.
Pr. CIT vide notices dated 19.03.2020, 05.03.2020 u/s 263 of the Income Tax Act, 1961 asked the assessee as to why order u/s 263 should not be passed setting aside the assessment order wherein the transaction relating to share premium was not examined by the Assessing Officer u/s 143(3)/147 of the Act. The Pr. CIT vide order dated 15.12.2017 directed the Assessing Officer to examine and consider the evidences and decide the issue afresh and thus set aside the earlier directions given u/s 143(3) r.w.s. 147 of the Act.
Being aggrieved by the order u/s 263 passed by the Pr. CIT, the assessee is before us.
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