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TMI Blog2020 (3) TMI 1072X X X X Extracts X X X X X X X X Extracts X X X X ..... ordance with law and merit which is appropriate. In this situation, we do not find much strength in the arguments advanced by the AR and we further find merit in the order of the Ld. CIT for invoking his powers u/s. 263 and directing the AO to examine the issues pointed out by him in detail and thereafter to pass appropriate order in accordance with law and merit. For the afore said reasons, we do not find it necessary to interfere with the order of the Ld. CIT. Hence, the appeal of the assessee is devoid of merits. Order passed by the Ld. CWT U/s. 25 of the Wealth Tax Act for setting aside the order of the Ld. WTO and directing him to frame fresh assessment order after verifying the issues pointed out in the order passed U/s. 25 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Central), Hyderabad has erred by invoking his powers U/s. 263 of the Act and erred by holding that the order of the Ld. AO (DCIT, Central Circle, Hyderabad) passed U/s. 143(3) r.w.s 147 is erroneous and prejudicial to the interests of the Revenue. 3. Brief facts of the case are that the assessee is an individual filed his return of income for the AY 2002-03 on 09/08/2002 declaring an income ₹ 2,51,11,160/- which includes salary income and income from other sources. Initially, the assessment was completed U/s. 143(3) of the Act on 04/03/3005 and thereafter the case was reopened U/s. 147 and the assessment order U/s.143(3) r.w.s 147 was passed on 21/07/2010 determining the taxable income at ₹ 55,55,19,540/-. While computing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r invoking of the provisions of section 263 Act since on the earlier occasion the assessment was completed U/s. 143(3) r.w.s. 147 of the Act wherein all these aspects were considered by the Ld.AO. 5. However, on perusing the facts and circumstances of the case and the submissions of the assessee before the Ld. Revenue Authorities, the Ld. CIT passed order U/s. 263 of the Act on 08.03.2012 wherein he observed as under: (i) As per the reports submitted by the Ld. Revenue Authorities (Ld. AO and the Addl. CIT) and on verification of the report submitted by the SIFO, it is evident that there is an alleged diversion of funds to the tune of ₹ 397 Crs from ADS proceeds of M/s. Satyam Computer Services Ltd. (ii) Though the ADS pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ieved by the order of the Ld. CIT, the assessee is in appeal before us. 7. The Ld. AR argued by stating that the Ld. AO had examined all the issues raised by the Ld. CIT in his 263 order and thereafter passed the Assessment Order U/s. 143(3) of the Act dated 21/07/2010. Hence, it was pleaded that there was no merit in the order of the Ld. CIT and therefore, it deserves to be quashed. The Ld. DR on the other hand argued in support of the Ld. CIT. 8. We have heard the rival submission and carefully perused the materials on record. On perusing the order of the Ld. AO we do not find any mention regarding the issues discussed by the Ld. CIT in his order U/s. 263. Further, since the issues raised by the Ld. CIT is of grave consequence, it i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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