KEYSTONE REALTORS LIMITED,MUMBAI vs. PR. CIT (CENTRAL) -1, MUMBAI, MUMBAI

IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH,
MUMBAI
BEFORE MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER
&
SMT. RENU JAUHRI, ACCOUNTANT MEMBER
Keystone Realtors Ltd.
702 Natraj, MV Road
Junction, W E Highway,
Andheri (E),
Mumbai-400069
v/s.
बनाम
PCIT, (Central), Mumbai-1
Income Tax Office,
Room No. 1001, 10th Floor,
Pratishtha Bhavan, Old
CGO Annex, M. K. Road,
Mumbai-400020
स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACK2499Q
Appellant/अपीलार्थी
..
Respondent/प्रतिवादी

Assessee by :
Shri Mohd. Waseem Khan
Revenue by :
Shri Biswanath Das

Date of Hearing
27.01.2025
Date of Pronouncement
28.01.2025

आदेश / O R D E R

PER RENU JAUHRI [A.M.] :-

This appeal is filed by the assessee against the order of the Learned
Principal Commissioner of Income-tax (Central), Mumbai-1 [hereinafter referred to as “PCIT”] dated 20.03.2024 passed u/s. 263 of the Income-tax Act,
1961 [hereinafter referred to as “Act”] for Assessment Year [A.Y.] 2017-18. 2. The assessee has raised the following grounds of appeal:
“1. On the facts and circumstances of the case and in law, the Hon'ble Pr. CIT
Central - 1 (herein after referred as 'PCIT") erred in invoking provisions of Section 263 of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by issuing the notice inspite of the fact that assessment u/s. 143(3) of the Act has been completed after due examination and application of mind. Further the P a g e | 2
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Keystone Realtors Ltd.

order u/s 263 is also passed merely setting aside the assessment to the file of the learned assessing officer to conduct proper inquiry which is unjustified. It is therefore submitted that the order passed u/s 263 should be quashed.
2. On the facts and circumstances of the case and I in law, the PCIT has erred in passing the order u/s 263 of the Income Tax Act,1961 without juri iction as the order passed was not erroneous and prejudicial to the interest of revenue.
It is therefore submitted that the order passed u/s 263 should be quashed as the same is illegal, void and bad in law.
3. On the facts and circumstances of the case and in law, the PCIT has erred in passing the order u/s 263 of the Income Tax Act, 1961 on the basis of change of opinion which is barred by the law.

Place: म ुंबई/Mumbai
दिनाुंक /Date 28.01.2025
अननकेत स ुंह राजपूत/ स्टेनो
आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to :
1. अपीलार्थी / The Appellant
2. प्रत्यर्थी / The Respondent.
3. आयकर आयुक्त / CIT
4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT,
Mumbai
5. गार्ड फाईल / Guard file.

सत्यावपि प्रवि ////

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आदेशानुसार/ BY ORDER,

उि/सहायक िंजीकार (Dy./Asstt.