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Issues involved:
The issues involved in this case include seeking stay of proceedings u/s 143(3)/263 of the Income Tax Act, 1961, challenging the order passed by the Commissioner u/s 263, and requesting the Assessing Officer (A.O.) to keep fresh assessment proceedings in abeyance pending appeal hearings before the tribunal. Stay of Proceedings u/s 143(3)/263: The assessee sought a stay of proceedings u/s 143(3)/263, as the assessments framed by the A.O. were held to be erroneous and prejudicial to the revenue's interest by the Commissioner u/s 263. The assessee requested the A.O. to halt the fresh assessment proceedings until the appeals against the Commissioner's order were heard by the tribunal. The Tribunal acknowledged the inherent powers to grant such stay, citing relevant case laws. Challenging Commissioner's Order u/s 263: The assessee contested the validity of the Commissioner's order u/s 263, alleging it was based on superior authorities' directives and against established legal principles. The assessee argued that the order was passed under the monitoring of higher authorities, making it impermissible for revision by a successor authority. The assessee claimed that setting aside issues from the earlier assessment was a mere change of opinion, not warranting the exercise of powers u/s 263. Direction to Assessing Officer: After considering the contentions of both parties, the Tribunal found that the assessee had made a prima facie case and granted a stay on the assessment proceedings until 30th September 2010 or the disposal of the pending appeals, whichever was earlier. The Tribunal emphasized that if the Commissioner's powers u/s 263 were wrongly exercised, the consequential order would be invalid. The decision was pronounced in open court, and the stay applications filed by the assessee were allowed accordingly. Separate Judgement by Judges: No separate judgment was delivered by the judges in this case.
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