VISION 2K+INC,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

It emerges at the outset that we hardly need to delve much deeper in the relevant factual matrix so far as the assessee’s instant lis is concerned. A perusal of the case file suggests that the Assessing Officer had re-opened the assessment herein dt.20-12-2010 framed u/s.143(3) r.w.s.263 of the Act. And that the CIT-IV, Hyderabad had passed the said Section 263 revision order u/s.263 on 26-03-2010 terming the earlier regular assessment dt.31-12-2007 to have been erroneously framed causing prejudice to interest of the Revenue.

Both the parties are ad idem during the course of hearing that the CIT had sought to exercise his Section 263 revision jurisdiction on the issue of Section 10B exemption. We note in this factual backdrop that the tribunal’s co-ordinate bench’s order in dt.21-01-2011 has already reversed the CIT’s revision directions herein above which renders the corresponding consequential assessments dt.20- 12-2010 framed u/s.143(3) r.w.s.263 as well as the instant Section 147/148 proceedings therein finalised on 13-12-2012 as having no legs to stand. We conclude in this backdrop of facts that the assessee’s instant appeal deserves to succeed for the foregoing precise reason alone. We order accordingly. All other pleadings on merits stand rendered infructuous.

This assessee’s appeal is allowed in above terms.