M/S. GOVARDHAN OVERSEAS PVT. LTD.,KOLKATA vs. PCIT-2, KOLKATA

ORDER

Per Shri Sonjoy Sarma, JM:

ii. That the order dated 24-03-2022 u/s 263 of the Act by the Ld. PCIT, Kolkata-2 has been made without satisfying preconditions contained in the Act and is therefore without jurisdiction and thus deserves to be quashed as such. iii. That the order dated 24-03-2022 u/s 263 framed by the Ld. PCIT, Kolkata-2 in a very casual manner without due diligence without considering the explanation and is based on fundamental misconception of the facts and provision of law and thus not in accordance with law and therefore untenable. iv. That on fact in the circumstances of the case and in law, the order passed by the PCIT u/s 263 of the Act, setting aside the assessment framed u/s 143(3) of the Act as erroneous and prejudicial to the interest of revenue is without jurisdiction, bad in law and void ab-initio.

Govardhan Overseas Pvt. Ltd. v. That the finding of Ld. PCIT that order of AO is erroneous and prejudicial to the interest of revenue on the following basis is factually incorrect, legally misconceived, contrary to evidence on record and in any way initiation of revision proceedings is vague, arbitrary and based on surmises consideration and therefore unsustainable. (a) The assessee had allegedly paid Rs. 32,40,861/- PF & ESI, Bonus & Leave Encashment after due date required to be added with total income and brought to tax despite PF & ESI Rs. 2,56,610/- were paid within due dates of respective act and balance Rs. 29,84,253/- on account of bonus and leave encashment were paid within due date of filing income tax return u/s 139(1).”