MODERN BIRI SUPPLIERS,KOLKATA vs. CIT - 14, KOLKATA, KOLKATA

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ITA 1691/KOL/2017Status: DisposedITAT Kolkata27 July 2018AY 2014-153 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Principal Commissioner rightly exercised revisionary jurisdiction because the Assessing Officer failed to conduct necessary inquiries into the specified domestic transactions. The CASS scrutiny reasons also indicated these transactions were part of the assessment.

What were the facts?

The Assessing Officer framed a regular assessment without making any inquiry into the assessee's specified domestic transactions or referring them to the Transfer Pricing Officer. The Principal Commissioner of Income Tax invoked revisionary powers under Section 263, deeming the assessment erroneous and prejudicial to revenue.

What were the issues?

Whether the Principal Commissioner was justified in revising the assessment order due to the Assessing Officer's failure to inquire into specified domestic transactions and refer them to the TPO.

Which sections of the Income-tax Act were involved?

Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, KOLKATA BENCH “C” KOLKATA

Before: Shri S.S.Godara & Dr. A.L. Saini

आदेश /O R D E R PER S.S.Godara, Judicial Member:- This assessee’s appeal for assessment year 2014-15 arises against Pr. Commissioner of Income Tax-14, Kolkata’s order dated 22.06.2017 directing the Assessing Officer to frame a fresh assessment after holding that its earlier regular assessment framed on 07.12.2016 had not made any inquiry by not making reference to the Transfer Pricing Officer, in proceedings u/s. 263 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Cases file perused.

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