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Facts
The Federal Bank Ltd. appealed against a revision order passed by the PCIT for Assessment Year 2018-19. During the hearing, it was revealed that the Hon'ble High Court, in a previous order, had set aside the original assessment order that formed the basis for the PCIT's revision, directing a fresh assessment.
Held
The tribunal held that since the underlying assessment order, which was subject to the PCIT's revisionary power, no longer exists due to the High Court's directive, the PCIT's revision order is rendered 'non est' (void) in the eyes of law. Consequently, the appeal filed by the assessee against a non-existent order was dismissed as not maintainable.
Key Issues
Whether an appeal against a PCIT's revision order is maintainable when the original assessment order forming the basis of the revision has been set aside by a High Court.
Sections Cited
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Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM & SHRI KESHAV DUBEY, JM
O R D E R Per: Inturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the Principal Commissioner of Income Tax – I, Kochi (PCIT) dated 22.02.2024 for Assessment Year (AY) 2018-19.
When the appeal was called it was submitted that the Hon'ble High Court in W.P. 10803 of 2021 vide order dated 22.11.2024 had set aside the assessment with the direction to pass fresh assessment order in accordance with law after affording opportunity of being The Federal Bank Ltd. heard to the assessee. Since the assessment order in respect of which the power of revision was exercised by the learned PCIT is not in existence as on today, the order of revision passed by the learned PCIT is non est in the eyes of law. Accordingly, the appeal filed by the assessee is dismissed as not maintainable.
Order pronounced in the open court on 19th February, 2025.