VESSEL WAREHOUSING PVT LTD,NEW DELHI vs. PR. CIT-09, NEW DELHI

On the facts and in the circumstances of the case and in law, the order passed by the Ld. PCIT is bad in law as the Appellant was not provided with sufficient and reasonable opportunity of being heard from invoking extraordinary jurisdiction and principles of natural justice have not been followed and passing the order under section 263 of the Act in haste as the proceedings were getting time barred under section 263(2) of the Act.

That having regard to the facts and circumstances of the case and in law, the Ld. PCIT has erred in law and on facts in assuming jurisdiction in passing the order under section 263 of the Act, more so when the assessment order passed by the Learned Assessing Officer (“Ld. AO”) under section 143(3) the Act is neither erroneous nor prejudicial to the interest of Revenue.

That having regard to the facts and circumstances of the case and in law, the Ld. PCIT has erred in law and on the facts in setting aside the assessment order passed under section 143(3) of the Act by the Ld. AO on the ground that the Appellant has furnished inaccurate particulars of its income.

That having regard to the facts and circumstances of the case and in law, the Ld. PCIT has erred in setting aside the assessment order passed under section 143(3) of the Act by the Ld. AO on the ground that the Ld. AO passed the order without making proper inquires.

That having regard to the facts and circumstances of the case and in law, the Ld. PCIT has erred in holding that the Appellant has not disclosed the material facts before the Ld. AO with regard to disclosure of income under proper head.

That the Ld. PCIT has failed to consider that the assessment as framed by the Ld. AO was after due application of mind and after considering the detailed replies on various dates as filed before him during the course of assessment proceedings.

That the Ld. PCIT has wrongly and illegally held that the order passed by the Ld. AO is erroneous and prejudicial to the interest of Revenue when no independent inquiry has been made by the Ld. PCIT and hence the notice issued under section 263 and the order passed under section 263 of the Act is illegal and bad in law.

That on the facts and in the circumstances of the case and in law, the order passed by the Ld. PCIT cancelling the assessment order is bad in law as under section 263 of the Act, the Ld. PCIT has to come to conclusion and himself decide that the order is erroneous and the Ld. PCIT cannot set aside and remand back the matter to the assessing officer for fresh consideration.

That without prejudice, the Ld. PCIT has exceeded her jurisdiction in setting aside the assessment order and directing the Ld. AO to make de novo assessment when the order passed is limited to one issue only. Hence the order passed under section 263 of the Act is illegal and bad in law. The grounds stated hereinabove are independent and without prejudice to one another. The Appellant craves leave to add, alter, amend, replace, modify and/ or withdraw any of the grounds of appeal hereinabove at the time of or before the hearing of the appeal and to submit any papers, documents or statements so as to enable Your Honours to dispose-off this appeal according to law.”