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TMI Blog2022 (9) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... emic in nature, in the present case, and therefore, is dismissed as infructuous. However, liberty is granted to both the parties to seek recall of this order, if, at a later point of time, it is found that the order was, in fact, passed by the Assessing Officer pursuant to the directions issued vide impugned order dated 05/03/2020 passed under section 263. Appeal of assessee dismissed. - ITA No.1971/Mum./2020 - - - Dated:- 14-9-2022 - Shri G.S. Pannu, President And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Vipul Joshi, Advocate, a/w Ms. Dinkle Haria, Advocate For the Revenue : Shri Ashok Kumar Kardam, CIT - DR ORDER PER BENCH The present appeal has been filed by the assessee challenging the impugned order dated 05/03/2020, passed under section 263 of the Income Tax Act, 1961 ( the Act ) by learned Principal Commissioner of Income Tax 11, Mumbai, [ learned PCIT ], for the assessment year 2015 16. 2. The present appeal filed before us is delayed by 212 days. In the present case, the impugned order dated 05/03/2020, was received by the assessee on same day. Thus, as per the provisions of section 253(3) of the Act, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revision w/s. 263 of the Act was called for; WITHOUT FURTHER PREJUDICE TO THE ABOVE 3. ON MERITS 3.1 Otherwise also, it is submitted that in the facts and the circumstances of the case, and in law, on merits also, no revision under section 263 of the Act was called for. 4. The only grievance of the assessee in present appeal is against revision order passed by the learned PCIT under section 263 of the Act. 5. During the course of hearing, learned counsel appearing for the assessee submitted that no order has been passed by the Assessing Officer pursuant to impugned order passed under section 263 of the Act, whereby the assessment order passed under section 143(3) of the Act was set aside with the direction to pass a fresh speaking order. Learned counsel further submitted that the time period provided under the Act for passing the order in pursuance of order passed under section 263 of the Act has also expired in the present case. It was also brought to our notice that on similar issue reassessment proceedings were initiated in the case of the assessee under section 147 of the Act, however, no addition was made by the Assessing Officer and returned income decl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned order dated 05/03/2020, learned PCIT set aside the assessment order passed under section 143(3) of the Act and directed the Assessing Officer to make detailed verification/investigation in view of the information received from DIT (Investigation), Kolkata and pass fresh speaking order. 9. It is the plea of the assessee, which has not been controverted by any evidence on record, that no order has been passed by the Assessing Officer, till date, pursuant to the aforesaid directions issued under section 263 of the Act and the statutory time period for passing any such order has since been expired. We find that under section 153(3) of the Act, the statutory time period for passing the order giving effect to the order passed under section 263 of the Act is 12 months from the end of the financial year in which the order under section 263 of the Act was passed. The relevant provisions of section 153 of the Act are as under: (3) Notwithstanding anything contained in sub-sections (1) and (2), an order of fresh assessment or fresh order under section 92CA, as the case may be, in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding the companies engaged in penny stock and providing bogus long term capital gain/short term capital gains. Copy of the reasons dated 22/03/2021, recorded by the Assessing Officer for reopening the assessment under section 147 of the Act was furnished during the course of hearing. Relevant portion of the aforesaid reasons is as under: 3.2 From the perusal of the records of the assessee, it is seen that the assessee had declared short term capital loss of Rs.31,31,140/- on sale of shares, which has been claimed as current years loss eligible for being carried forward to future years for set off purposes. It was noticed from the details of capital gain that assessee had purchased 75,000 equity shares of M/s Sulabha Engg. during the month of January 2014 at a price ranging between 206.26 to 207.63 per share and these shares were sold on 16.12.2014 165.07 per share resulting in short term capital loss of Rs.31,46,502/- and after setting off profit of Rs. 15,361 arising in share transactions in the scrip of Shemaroo Entertainment; net short term capital loss of Rs.31,31,141 was claimed as eligible for being carried forward In this regard it is pointed out that the Directora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income chargeable to tax amounting to Rs.31,46,502/- (short term capital gain of Rs.15,361/- and excess carry forward of short term capital loss of Rs.31,31,141/-) has escaped assessment in the instant case by reason of the failure of the part of the assessee to disclose fully and truly all material facts necessary for its assessment for AY. 2015-16 within the meaning u/s 147 IT Act 1961. Therefore, this is a fit case for reopening of assessment. 12. From the copy of assessment order dated 30/03/2022 passed under section 147 read with section 144B of the Act, furnished during the course of hearing, we find that the Assessing Officer accepted the return income declared by the assessee and made no addition on the ground on which the reassessment proceedings under section 147 of the Act were initiated. 13. Since, only the validity of the order passed under section 263 of the Act is under challenge in the present case and in view of the current position of fact that no order has been passed by the Assessing Officer, pursuant to the directions issued vide impugned order, within the time limit provided under section 153(3) read along with the proviso and as extended by various n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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