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TMI Blog2022 (9) TMI 818X X X X Extracts X X X X X X X X Extracts X X X X ..... terest of revenue. As the AO has not verified or made any enquiries with respect to share premium received by the assessee company, we are of the considered view that the order passed by the Pr.CIT u/s 263 of the Act, considering the order passed by the AO u/s 143(3) of the Act as erroneous is in accordance with the provisions u/s 263 and hence the order of the Ld.Pr.CIT needs no interference. Accordingly, we uphold the order of the Ld.Pr.CIT and dismiss the grounds raised by the assessee. - I. T. A. No. 186 / Viz / 2021 - - - Dated:- 23-8-2022 - SHRI DUVVURU RL REDDY, HON BLE JUDICIAL MEMBER And SHRI S BALAKRISHNAN, HON BLE ACCOUNTANT MEMBER Appellant by : Shri C.Subrahmanyam , AR Respondent by : Shri M.N.Murthy Naik, CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 142(1) were issued and served on the assessee. In response to the notices, the authorized representative of the assessee appeared and produced the information called for by the Assessing Officer(AO). On verification of the information provided by the assessee, the AO assessed the income at Rs.1,50,54,050/- and passed assessment order u/s 143(3) of the Act on 16.12.2017. Subsequently, the Ld.Pr.CIT invoking the powers u/s 263 of the Act, considered the assessment order passed by the AO as erroneous and prejudicial to the interest of the revenue and therefore issued a detailed show cause notice to the assessee dated 25.02.2020. In response to the show cause notice, the assessee filed it s reply on 03.03.2020. Considering the submissions made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under law. 4. By reading of the directions of the Ld Pr.CIT, at para.5 of his order, the Ld. Pr.CIT passed the impugned order without applying himself to the submissions made by the assessee company and his findings are in contradiction to the facts on record. 5. The Ld. Pr. CIT failed to take cognizance of the fact that in the assessment proceedings the AO has applied his mind on the issue in which case the AO order cannot be termed as erroneous for invoking powers u/s.263 of the IT Act. 6. For these and other reasons that are to be urged at the time of hearing of the appeal the appellant prays that the order passed by the learned Pr.CIT is erroneous both on fact and as well as in law, therefore, the same needs to be set ..... X X X X Extracts X X X X X X X X Extracts X X X X
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