FAKIR CHAND AGRAWAL,BILASPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, RAIPUR-1, RAIPUR

ITA 61/RPR/2022Status: DisposedITAT Raipur19 January 2023AY 2017-18Bench: SHRI RAVISH SOOD (Judicial Member), SHRI G D PADMAHSHALI (Accountant Member)10 pages
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What did the Tribunal hold?

The Tribunal held that the Pr. CIT was not justified in initiating revision proceedings under Section 263 after the assessee had opted for and been issued a certificate under the DTVSV Act. The Tribunal quashed the order passed by the Pr. CIT.

What were the facts?

The assessee opted for the Direct Tax Vivad Se Vishwas (DTVSV) Act, and Form 5 was issued. Subsequently, the Principal Commissioner of Income Tax (Pr. CIT) initiated revision proceedings under Section 263 of the Income Tax Act, setting aside the Assessing Officer's order. The Pr. CIT argued that the Assessing Officer should have treated bogus purchases as unexplained expenditure under Section 69C and taxed it under Section 115BBE.

What were the issues?

Whether revision proceedings under Section 263 are permissible when the assessee has opted for settlement under the Direct Tax Vivad Se Vishwas Act. Whether the Pr. CIT can revise an order that has been settled under the DTVSV scheme.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 69C,Section 115BBE

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Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI RAVISH SOOD & SHRI G D PADMAHSHALI

For Appellant: Shri R.B Doshi, CA
For Respondent: Shri Debashis Lahiri, CIT-DR
Hearing: 20.12.2022Pronounced: 19.01.2023

PER RAVISH SOOD, JM: The present appeal filed by the assessee is directed against the order passed by the Pr. Commissioner of Income Tax, Raipur-1 (for short ‘Pr. CIT’) u/s.263 of the Income Tax Act, 1961 (for short ‘the Act’) dated 23.02.2022, which in turn arises from the order passed by the A.O. u/s.143(3) of the Act, dated 25.12.2019 for A.Y. 2017-18. Before us the assessee has assailed the impugned order on the following grounds of appeal:

“1. Ld. Pr. CIT erred in inv

The order continues below.

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