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TMI Blog2010 (5) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... held to be erroneous and prejudicial to the interest of revenue on certain issues and Ld. CIT has set aside those issues by exercising his powers u/s 263 and it has directed the A.O. to frame the assessments afresh on those issues after giving the assessee opportunity of being heard and after making proper inquiries and verification. 2. It is further submitted in the applications that the assessee has already filed appeals against those orders on 04.05.2010 and these appeals have been fixed for hearing before the F Bench on 06.07.2010. 3. It is further mentioned that the present applications are being filed with a request that he A.O. may be directed to keep in abeyance of fresh assessment proceedings till the disposal of these app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal in the case of Prime India Products Vs ITO in I.T.A. No. 1242/Del/87 and as in the case of Saw Pipes Ltd. Vs ACIT in I.T.A. No. 278/del/2004 wherein the Tribunal had stayed the proceedings before the A.O. for giving effect to the order of the CIT passed u/s 263 of the Act where the said order was subject matter of the appeal before the Tribunal. 8. After narrating the facts, it was submitted by the Ld. A.R. that if the assessment proceedings are permitted to be continued then a serious prejudice will cause to the assessee as the order passed by CIT u/s 263, on the face of it, is against the well-established principles of law. Referring to the grounds of appeal, it was submitted by him that in ground No.4, it is the case of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 010 and he assured that assessee will never seek adjournment in the hearing of these appeals and these appeals can be decided much before the expiry of limitation to frame assessment in pursuance of the order u/s 263. Relying upon the aforementioned case laws, it was submitted by him that the Tribunal has vide powers to issue such directions and these directions of the Tribunal will be in the interest of justice. 12. On the other hand, Ld. D.R. objected to the request of the assessee on the ground that the Ld. CIT has already discussed the objections of the assessee in his order and after considering those objections in detail he has passed the order u/s 263. He further relied upon the decision of ITAT in the case of Deeshee Appliances P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed of prior to 30th September 2010. Keeping in view of all these fact, we are of the opinion that if the A.O. is allowed to proceed with the assessment proceedings already undertaken by him, then the prejudice will cause to the assessee as it has to go for multiplicity of proceedings. In the case to held of powers u/s 263 were wrongly exercised then consequential order will have no legs to stand. Therefore, we consider it just and proper to issue a direction to Ld. A.O. not to continue with the assessment proceedings in pursuance to the order u/s 263 up to 30th September 2010. Even after 30th September 2010 ample time will be available to the A.O. to frame the assessment in case the validity of 263 is upheld. Considering the entirety o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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