Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP)

M/S/ Rashmi Metaliks Ltd., Kolkata vs. A/DCIT, CC-2(2), Kolkata

In the result, appeals of the assessee are allowed

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri A.T.Varkey, Jm ]

…er dt. August 25, 2017, has considered the entire jurisprudence on the issue of revisionary powers u/s 263 of the Act. This is extracted for ready reference:- “The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

M/S. Castron Technologies Ltd., Kolkata vs. ACIT, Hqrs.-1, Kolkata

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi, Judical Member] I.T.A. No. 945/Kol/2017 Assessment Year: 2012-13 M/S. Castron Technologies Ltd……...……………………...………………………….......… Appellant 14, Bentinck Street Room No.8 1St Floor Kolkata – 700 001 [Pan : Aabcc 0646 G] A.C.I.T. Hqrs.- (1), Kolkata….…….………………………………………….……………....Respondent Ayakar Bhawan P-7, Chowringhee Square Kolkata – 700 069 Appearances By: Shri Siddharta Jhaharia, Fca & Shri Sujoy Sen, Ar, Appeared On Behalf Of The Assessee. Shri Goulen Hangshing, Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : March 8Th, 2018 Date Of Pronouncing The Order : April 04Th, 2018 O R D E R Per J. Sudhakar Reddy :-

…laid down by various Hon’ble High Courts on the issue of revisionary powers u/s 263 of the Act, conferred on the revenue authorities are brought out below:- “The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

Sarlaben Bhansali Charities Trust, Kolkata vs. CIT, (Exemptions), Kolkata

In the result, the appeal of the assessee is allowed

…mption) mentioned that these facts were considered by the Assessing Officer in his order, thus ruling out non-application of mind to this issue by the A.O. 10. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and ScripsPvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

Sarlaben Bhansali Charities Trust, Kolkata vs. CIT(Exemptions), Kolkata

In the result, the appeal of the assessee is allowed

…mption) mentioned that these facts were considered by the Assessing Officer in his order, thus ruling out non-application of mind to this issue by the A.O. 10. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and ScripsPvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for t…

Saregama India Limited, Kolkata vs. CIT-I, Kolkata

In the result the appeal of the assessee is allowed

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2009-10

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below : 24. InMalabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Dipak Kumar Dey, Hooghly vs. CIT, Kolkata-9, Kolkata

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi]

…ion by issue of notices issued u/s 133(6) of the Act, is a plausible view and hence the revision made by the ld. Pr. CIT, u/s 263 of the Act, is bad in law. The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP) 354 ITR 35 had considered a number of judgements given by various Courts and culled out the principles applicable to exercise jurisdiction by the ld. CIT u/s 263 of the Act, as follows:- “a) The Commissioner has to be satisfied of twin conditions, namely, (i) the order of the Assessing Officer sought to be revised is erroneous; and (ii) it is prejudicial to…