SRI RANJAN KUMAR,PATNA vs. ACIT, CENTRAL CIRCLE-3, PATNA

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ITA 14/PAT/2021Status: DisposedITAT Patna05 June 2023AY 2016-173 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that a fresh assessment order was passed pursuant to the section 263 order, with minor additions. The assessee, not wishing to continue litigation due to the smallness of the additions, did not press the appeal.

What were the facts?

The assessee's return of income was selected for scrutiny, and an assessment order was passed. The Principal Commissioner of Income Tax considered this order erroneous and prejudicial to the revenue's interest, exercising powers under section 263.

What were the issues?

The primary issue was the validity of the order passed under section 263 of the Income Tax Act. However, the appeal was not pressed by the assessee.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA-PATNA ‘e-COURT’, KOLKATA

Before: Shri Rajpal Yadav, Vice-(KZ) & Dr. Manish Borad

Per Rajpal Yadav, Vice-President (KZ):- The assessee is in appeal before the Tribunal against the order of ld. Principal Commissioner of Income

1.

Assessment Year: 2016-2017 Sri Rajan Kumar Tax, Patna-1 dated 26.02.2021 passed under section 263 of the Income Tax Act for Assessment Year 2016-17.

2.

Brief facts of the case are that the assessee has filed his return of income electronically on 10.08.2017 declaring total income of Rs.9,45,390/-. The case of the assessee was selected for scrutiny assessment and an assessment order under section 143(3) was passed on 31.10.2018. This order was considered as erroneous as much as prejudicial to the interest of revenue. Hence, ld, Commissioner has set aside this order by exercising the powers under section 263 of the Income Tax Act.

3.

The order of the ld. Commissioner under section 263 is under challenged before us. However, ld. Counsel for the assessee submitted that in pursuance to this 263 order, a fresh assessment order has been passed by the ld. Assessing Officer under section 143(3) read with section 263. In this assessment order, ld. Assessing Officer has made small additions. The assessee has paid the taxes and did not challenge those additions in further appeal.

4.

With the assistance of ld. Representatives, we have gone through the record carefully. Though assessee has every legal right to substantiate his case about sustainability of 263 order, but ld. Counsel submitted

Assessment Year: 2016-2017 Sri Rajan Kumar that considering the smallness of the issues added by the ld. Assessing Officer, assessee does not want to continue the litigation. Hence, the appeal is not pressed by the assessee. It is dismissed accordingly.

5.

In the result, the appeal of the assessee is dismissed. Order pronounced in the open Court on 05.06.2023.

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