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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Chandra Poojari, AM & Shri George George K, JM
This appeal at the instance of the assessee is directed against Commissioner of Income-tax’s order dated 01.03.2019 passed u/s 263 of the I.T.Act. The relevant assessment year is 2014-2015.
The CIT by invoking powers u/s 263 of the I.T.Act had set aside the assessment order dated 27.12.2016 passed u/s. 143(3) of the I.T.Act. The learned AR at the very outset submitted that the assessment proceedings pursuant to order u/s 263 of the I.T.Act would abate due to search initiated u/s 132 of the I.T.Act in the business and residential premises of the assessee on 04.02.2019. The learned Departmental Representative supported the CIT’s revisionary order passed u/s 263 of the I.T.Act.
We have heard the rival submissions and perused the material on record. Notice u/s 263 of the I.T.Act was issued
2 Sri.Rajiv Paul. on 16.01.2019 and order was passed by the Commissioner on 01.03.2019 setting aside the assessment order dated 27.12.2016. There was a search u/s 132 of the I.T.Act on 04.02.2019 and notice u/s 153A of the I.T.Act was issued for the relevant assessment year, namely, assessment year 2014- 2015 on 07.11.2019. The learned AR has conceded that the issues raised in the revisionary order u/s 263 of the I.T.Act are to be considered in assessment that is yet to be passed pursuant to the issuance of notice u/s 153A of the I.T.Act. In view of the 2nd proviso to section 153A of the I.T.Act, there cannot be two simultaneous assessment proceedings for the same assessment year, namely, assessment year 2014-2015. When notice u/s 263 of the I.T.Act was issued on 16.01.2019, the assessment for Asst.Year 2014-2015 was pending as on the date of search on 04.02.2019. Therefore, we hold that the assessment pursuant to order passed u/s 263 of the I.T.Act gets abated and the issues raised by the CIT in his revisionary order u/s 263 of the I.T.Act are to be examined in assessment pursuant to notice issued u/s 153A of the I.T.Act. It is ordered accordingly.
In the result, the appeal filed by the assessee is dismissed. Order pronounced on this 19th day of November, 2019.