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2022 (4) TMI 1589 - ITAT MUMBAIRevision u/s 263 - borrowed satisfaction or non independent satisfaction recorded - CIT initiated the proceedings based on the recommendations filed by the AO that TPO has passed the order u/s.92CA(3) without considering the SAR report in which the report containing various discrepancies relating the related party transactions - HELD THAT:- We observe that the 263 proceedings were initiated mainly based on the satisfaction recorded by the AO that Ld. Pr.CIT needs to revise the Assessment Order u/s. 263 of the Act. It clearly indicates that the 263 proceedings were initiated on the behest of the satisfaction recorded by the Assessing Officer not by the Ld. Pr.CIT. As relying on ALFA LAVAL LUND AB C/O ALFA LAVAL (INDIA) LTD. [2021 (11) TMI 327 - ITAT PUNE] we are also of the view that Ld. Pr.CIT cannot initiate the proceedings with the borrowed satisfaction and not satisfying the twin conditions laid down u/s. 263 of the Act. Therefore, in our considered view the proceedings initiated u/s.263 of the Act with a borrowed satisfaction is bad in law. Accordingly, proceedings initiated u/s. 263 of the Act are set aside. Decided in favour of assessee.
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