M/S. JET LITE (INDIA) LTD,NEW DELHI vs. ACIT, NEW DELHI

Learned CIT(DR) takes us to Revenue’s appeal ITA 3663/Del/2009 herein raising the following substantive grounds: “ 1. The order of the Ld. CIT(Appeals) is not correct in law and facts.

On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in holding that the assessment was barred by limitation on the ground that the period of 60 days available to the Assessing Officer as per clause-(iii) of the explanation 1 to Section 153 of the Income Tax Act, 1961 read with the first proviso to the said Explanation should be counted from the last day of limitation u/s 153(1) and not from the last day on which the assessee is required to furnish the audit report.

On the facts and in the circumstances of the case, the CIT(A) has erred in annulling the assessment without considering the judgement of the Hon'ble ITAT, Delhi Bench in the case of Rajesh Kumar Vs. DCIT, IT(SS) Appeal Nos. 10 and 17 (Delhi) of 2007 dated 30/06/2007.

The appellant craves leave to add. alter or amend any/all of the grounds of appeal before or during the course of the hearing of the appeal.

We next notice that the learned CIT(A) detailed discussion has quashed the impugned section 143(3) r.w.s 142 (2A) assessment framed by the Assessing Officer on 23.08.2007; reading as under: “

Learned CIT(DR)’s sole substantive argument in light of the Revenue’s second substantive ground is that the CIT(A) has not taken into consideration the tribunal’s yet another decision in Rajesh Kumar vs DCIT in IT(SS)A. She could hardly dispute that the earlier learned co-ordinate bench order’s deciding the very issue in the assessee’s case for A.Y. 1997-98 stands followed in the CIT(A)’s detailed discussion herein. There is further no material in the case records that the Revenue has succeeded on the very issue before

This Revenue’s appeal ITA No. 3663/Del/2009 is dismissed and the assessee’s cross appeal ITA No. 3686/Del/2009 is dismissed as rendered infructuous. A copy of this common order be placed in the respective case files.