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TMI Blog2015 (2) TMI 1193X X X X Extracts X X X X X X X X Extracts X X X X ..... there was any examination of records by the ld. CIT himself before issuing of notice u/s 263 of the Act. In absence of valid notice issued u/s 263 of the Act the jurisdiction assumed by the ld. CIT is bad and hence the order passed u/s 263 of the Act is not sustainable. Accordingly in the background of the aforesaid discussion in our considered opinion the jurisdiction assumed by the ld. CIT u/s 263 of the Act in absence of proper notice u/s 263 of the Act is bad. Hence order passed u/s 263 of the Act is liable to be quashed.- Decided in favour of assessee - I.T.A No.1516/Kol/2014 - - - Dated:- 20-2-2015 - Hon'ble Shri Mahavir Singh, JM Hon'ble Shri Shamim Yahya AM ] For the Appellant : Shri D.K.Bandyopadhyay, For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is errorneous as pointed out by the J.C.I.T., Range-1, Hooghly and by that action u/s 263 was initiated which is found to be very much arbitrary, unlawful and unjust. 3. For that the Order u/s 263 directing the A.O. for additions to the Total Income of the Assessee as per Original Return dtd. 29-07-2009 of ₹ 1,28,364/- by an amount of ₹ 16,96,517/- the very basis of arriving such an amount is arbitrary, unlawful and unjust. 4. For that the direction u/s 263 by the ld. CIT, Kolkata-XX, without considering the Revised Return filed by the Assessee within the time allowed u/s 139(5) of the I.T.Act, 1961 but duly considered by the A.O. and assessed u/s 143(3) dtd. 27-12-2011 taking into account the profit from trading of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 263 (1) The Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. Shri Arun Kanti Samanta A.Yr.2009-10 5.1. We find that a bare reading of the above section makes it amply clear that section 263 of the Act gives power to the ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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