JAYPEE INFRATECH LIMITED,GAUTAM BUDH NAGAR vs. PCIT, NOIDA

We note at the outset that there is hardly much a need for us to delve into the relevant factual matrix at length, so far as correctness of learned PCIT’s impugned identical action of revision jurisdiction in the twin assessment years 2014-15 and 2016-17 terming the Assessing Officer’s as many assessments dated 30th March, 2022; as erroneous one causing prejudice to the interest of the Revenue, is concerned. This is for the precise reason that he has relied upon the CIT(A) directions in the assessee’s case in the preceding assessment year 2012-13 inter alia taxing revenue subsidy in the form of chunk of land admeasuring 6250 acres, as taxable in exercise of section 251(1A) enhancement jurisdiction. We make it clear that the CIT(A) had passed the above enhancement order dated 31st March, 2017 in the said preceding assessment years in the assessee’s case. This is what has formed the basis for the learned PCIT herein to direct the Assessing Officer to proceed afresh in the assessee’s 2 | P a g e case in both these succeeding assessment years as per the CIT(A)’s directions.

We next note with the able assistance coming from both the parties that the assessee has filed challenging correctness of the CIT(A)’s foregoing enhancement exercise in assessment year 2012-13. And that the same stands adjourned “sine die” as the tribunal’s registry has sent the entire case records to hon’ble apex court wherein the proceeding qua the very issue are stated to be pending in the Civil Appeal No. 7412/2023. This being the clinching factual position, we deem it appropriate that the larger interest of justice would be met in case the assessee’s instant twin appeals are hereby restored back to the learned PCIT to await the final outcome of the preceding assessment years proceedings i.e. AY 2012-13 subject to their lordship’s final adjudication. We order accordingly. It further made it clear that the assessee shall indeed be at liberty to raise all it’s factual as well as legal contentions; as the case may be, afresh which shall be dealt with in accordance with law.