INTERNATIONAL SEAPORT (HALDIA) PVT. LTD.,KOLKATA vs. PCIT, -2, KOLKATA

ITA 211/KOL/2022Status: DisposedITAT Kolkata26 February 2026AY 2015-16Bench: SHRI RAJESH KUMAR (Accountant Member), SHRI PRADIP KUMAR CHOUBEY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal observed that the issue of depreciation on re-valued assets was specifically examined by the AO during the original assessment proceedings, as evidenced by the queries raised and the assessee's detailed reply. The Tribunal further noted that the PCIT did not point out any further inquiries that the AO should have made. Following the Hon'ble Supreme Court's decision in Principal Commissioner of Income-tax v. V-Con Integrated Solutions (P.) Ltd., the Tribunal held that the power under Section 263 cannot be invoked merely because the AO was required to make more inquiries.

What were the facts?

The assessee has filed an appeal against the order of the Pr. Commissioner of Income Tax (PCIT) passed under section 263 of the Income Tax Act, 1961. The PCIT had initiated revision proceedings on the grounds that the Assessing Officer (AO) had failed to consider a specific issue related to the depreciation claimed on re-valuation of assets while computing book profit under MAT, rendering the assessment order erroneous and prejudicial to the revenue.

What were the issues?

Whether the revisionary jurisdiction exercised by the PCIT under section 263 of the Income Tax Act, 1961, was validly invoked when the Assessing Officer had already examined the issue in detail during the assessment proceedings.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 115JB,Section 142(1)

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Income Tax Appellate Tribunal, “B” BENCH, KOLKATA

For Appellant: Shri Somnath Ghosh, AR
For Respondent: Shri S. Datta, DR
Hearing: 29.01.2026Pronounced: 26.02.2026

Per Rajesh Kumar, AM:

This is an appeal preferred by the assessee against the order of the Pr. Commissioner of Income Tax(hereinafter referred to as the “Ld. PCIT”] dated 31.03.2021 for the AY 2015-16. 2. At the outset, we observe from the appellate folder that the appeal is barred by 334 days. In this regard, the ld. AR drew our attention to the judgment of the Hon’ble Supreme Court in Miscellaneous Application No.21 of 2022 in Suo Motto Writ Petition (C) No.3 of 2020, dated 10.01.2022, wherein the Hon’ble Supreme Court has directed to exclude the period of limitation for the period as International Seaport (Haldia) Pvt. Ltd. A.Y. 2015-

The order continues below.

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