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2022 (9) TMI 1596 - AT - Income TaxIssues involved: Appeal against order u/s 263 of the Income Tax Act regarding computational mistake in the order of the Ld. Pr. CIT. Summary: Issue 1: Jurisdiction of the Ld. Pr. CIT u/s 263 The Assessee challenged the jurisdiction of the Ld. Pr. CIT u/s 263, arguing that detailed enquiries were conducted and additions were pending before the CIT(A). The Assessee contended that the order u/s 263 was bad in law and against the facts of the case. Issue 2: Computational Mistake in the Order The core issue revolved around a computational mistake in the order of the Ld. Pr. CIT concerning work in progress and determination of percentage completion method for projects of Royal Home Town and Ellora Infratech. The correction of this mistake was crucial to establish that the AO's order was not erroneous and not prejudicial to the revenue's interest. Decision: After hearing arguments from both parties, it was acknowledged that there was indeed a computational error. The Tribunal concluded that the issue was rectifiable by the Pr. CIT u/s 154. Therefore, the file was remanded back to the Ld. Pr. CIT for correction of the computational mistake. The order was pronounced in the Open Court on 22/09/2022.
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