ACIT, CIR. 2, NASHIK, NASHIK vs. ASHOKA BUILDCON LTD.,, NASHIK

The present appeal filed by Revenue is against order of CIT(A), which had set aside the assessment order passed under section 143(3) r.w.s. 263 of the Act.

The learned Authorized Representative for the assessee pointed out that the Tribunal vide order dated 24.09.2018 in ITA No.656/PUN/2008, relating to assessment year 2003-04 has held the order passed under section 263 of the Act to be both invalid and bad in law and the same was cancelled. Consequent thereto, the assessment order passed under section 143(3) r.w.s. 263 of the Act do not survive and hence the appeal of Revenue needs to be dismissed.

We find merit in the plea of assessee since the basis for passing assessment order under section 143(3) r.w.s. 263 of the Act, was the order passed under section 263 of the Act. The Tribunal vide its order dated 24.09.2018 (supra) has held the said order to be invalid and bad in law and consequent thereto, the present appeal filed by Revenue does not stand and the same is dismissed.

In the result, the appeal of Revenue is dismissed.