A.O reduced addition in consequence of revision u/s 263, held valid by Kolkata ITAT

link for full case : https://drive.google.com/file/d/127DjNMPUoSpSL_wv4Q34V9TPvGB0xx_i/view

Case Summary:


NextgenVyapaar (P) Ltd. v. PCIT

(2021) 128 taxmann.com 367 (ITAT Kolkata)

(Related Assessment year : 2012-13)

A.O reduced addition in consequence of revision u/s 263, held valid by Kolkata ITAT

A.Opassed an assessment order under section 143(3) making an addition of certain amount under section 68.

Principal Commissioner invoked revision jurisdiction under section 263
A.O passed an order under section 263 determining total income of assessee at lesser amount by deleting addition under section 68.

Pr. Commissioner issued another notice under section 263 on ground that impugned assessment order was prejudicial to interest of revenue.

It was noted that assessment orders of share applicant companies were passed under section 143(3) by revenue

Share applicant companies had responded to notices under section 133(6).

Thus, Assessing Officer had taken a plausible view in his first order passed under section 263.

Such a view could not be termed as erroneous insofar as it was prejudicial to interest of revenue.

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