A.C.I.T. - 10(3)(1), MUMBAI vs. NILKANTH TECH PARK P.LTD, MUMBAI

At the outset, it is to be noted that the original assessment was completed u/s 143(3) of the Act on 17.11.2012. Subsequently, the CIT issued notice u/s 263 of the Act for revising the completed assessment vide notice dated 04.03.2014. In consequence to this revision order passed on 24.03.2014 for the AY 2009-10, the AO framed assessment u/s 143(3) read with section 263 of the Act vide order dated 04.03.2015 (the impugned order). Aggrieved, assesse preferred the appeal before CIT(A), who quashed the assessment order passed in consequence to Revision proceedings u/s 143(3) read with section 263 of the Act and CIT(A) observed in Para 4.11 as under: - “4.11 I have carefully considered the submission and argument of the AR of the appellant company. I have also gone through the assessment order, Order u/s 263. During appellate proceeding, the AR of the appellant has filed an order of Hon'ble Tribunal. The appellant challenged the order uls.263 passed by the Commissioner of Income-Tax, before the Tribunal and the Hon'ble ITAT vide order No.3511/Mum/2014 dt.19.5.2017, quashed the order u/s.263 of the Act with the finding quoted in the last para of submission of the Authorized Representative. Thus, once the order u/s.263 of the Act has been quashed, which was the foundation of the order u/s.143(3) r.w.s.263 dt.4.3.2015 then the order uls.143(3) r,w.s. 263 pursuance to order u/s.263 of the Act is cancelled. The grounds of appeal filed by the appellant is allowed.”