9911796707
TMI Blog2021 (9) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... A(4) of the Act. 2. Petitioner, who is engaged in the business of manufacturing and selling fabrics and also a trading member in the National Stock Exchange filed its Return for the Assessment Year 2017-2018 on 31st October, 2017 declaring total income of Rs. 2,27,11,320/-. Respondent No. 2, i.e., the Assistant Commissioner of Income-Tax initiated scrutiny assessment by issuing statutory notices under Sections 143(2) and 142(1) of the Act. Petitioner replied to these notices from time to time and also furnished all details and documents. Respondent No. 2 passed an Assessment order dated 19th December, 2019 under Section 143 (3) of the Act determining total income of Petitioner at Rs. 7,41,84,730/-. Respondent No. 2 determined book profit u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion dated 18th December, 2020 before Respondent No.1 under the provisions of Section 264 of the Act. Respondent No. 1, rejected Petitioner's application on the ground that Sub-Section 6 of Section 270 (AA) specifically prohibits revisionary proceedings under Section 264 of the Act against the order passed by Assessing Officer under Section 270 (AA)(4) of the Act. It is this order which is challenged by Petitioner. Mr. Singh submits that there is no such prohibition or bar as held by Respondent No. 1 and we would agree with Mr. Singh. 5. It will be useful to reproduce Section 270 (AA) of the Act, which reads as under : 270AA. (1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has been given an opportunity of being heard. (5) The order made under Sub-Section (4) shall be final. (6) No appeal under Section 246A or an application for revision under Section 264 shall be admissible against the order of assessment or reassessment, referred to in clause (a) of Sub-Section (1), in a case where an order under Sub-Section (4) has been made accepting the application. 6. Under Sub-Section 6 of Section 270 AA, no appeal under Section 246 (A) or an application for revision under Section 264 shall be admissible against the order of assessment or re-assessment referred to in Clause (a) of Sub-Section 1, in a case where an order under Sub-Section 4 has been made accepting the application. This only means that when an a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
