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TMI Blog2018 (10) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 are illegal and bad in law, as all the issues mentioned in the aforesaid order were duly considered and examined during the assessment proceeding as well as Re-assessment Proceedings. 2. That the assessee had submitted the form 15G before the ITO-TDS, Bilaspur , on 3/5/2010, and the proof of submission had been submitted before the learned A.O during the Re-assessment proceeding, after considering the same and being satisfied Learned A.O drop the re- assessment proceeding on that. On the same issue proceeding u/s 263 is beyond the jurisdiction learned Pr. CIT and the order so passed is bad in law and against the principal of natural justice. 3. That the Appellant reserve the right to add omit, or amend any ground after the copies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer. After detailed discussions and observations, the Assessing Officer vide order dated 25.03.2015 passed Assessment Order u/s 147 r.w.s. 148/143(3) of the Income Tax Act, 1961 by making addition of Rs. 51,360/-. 4. Subsequently, proceedings u/s 263(1) of the Income Tax Act, 1961 were initiated and notice was issued on 18.12.2015. During the course of the proceedings u/s 263 of the Act, the assessee submitted the reply. The Principal Commissioner of Income Tax after making observation held that the assessment order passed on 25.03.2015 is erroneous in so far as it relates to 194A read with Section 40(a)(ia) of the Act and is prejudicial to the interest of the revenue. 5. Being aggrieved by the order u/s 263 of the Act passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961, the Pr. CIT has not made out the case that the Assessment Order is passed without making inquiries or verification which should have been made. There was no material brought by the Pr. CIT stating therein that the Assessment Order is passed allowing any relief without inquiring into the claim of the assessee. Thus, the Pr. CIT has only expressed the second opinion which is not permissible under Section 263 of the Act. Revisionary power u/s 263 of the Act is conferred by the Act on the Commissioner when an order is passed by the Authority is erroneous and prejudicial to the interest of the Revenue. Orders which are passed without inquiry or investigation are treated as erroneous and prejudicial to the interest of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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