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TMI Blog2022 (9) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed revision order on 15-03-2022. We are of the opinion that the Pr.CIT has invoked provisions of section 263 of the Act after conclusion of proceedings were the assessee has opted VSVS 2020 and received Form.no.5 after payment of full/final disputed taxes on 1.05.2021. Hence the revision order passed U/sec 263 of the Act is abated. See GOPALAKRISHNAN RAJKUMAR, GOPALAKRISHNAN RAVIM [ 2022 (5) TMI 1388 - MADRAS HIGH COURT] - Appeal of assessee allowed. - ITA No.1027/MUM/2022 - - - Dated:- 23-9-2022 - Shri Baskaran Br, Accountant Member And Shri Pavan Kumar Gadale, Judicial Member For the Appellant : Shri.M.Subramanian.AR For the Respondent : Smt. Shailja Rai.DR. ORDER PER PAVAN KUMAR GADALE, JM: The assesseee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The appellant craves leave to add, alter, amend or delete all or any of the grounds of appeal at any time. 2. The brief facts of the case that, the assessee is engaged in business as builders and developers. The assessee has filed the return of income for assessment year 2017-18 on 28.02.2017 disclosing a total income of Rs.95,06,830/- subsequently, the case was selected for scrutiny and notice under Section 143(2) and 142(1) of the Act was issued. The AO on perusal of the facts and information observed that the assessee has not offered the rent on the unsold stock of the finished flats in the real estate project. The A.O. has called for the annual lettable value as per Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, there was no compliance by the assessee, the Pr.CIT relied on the judicial decisions and explanations under Section 263 of the Act and held at page 5 Para 10 11 of the order and passed the revision order u/sec263 of the Act dated 15-03-2022 read as under: 10. In view of the above, I am of the considered opinion that the assessment order dated 26.10.2019 passed by the AO u/s 143(3) of the Act is erroneous and prejudicial to the interest of Revenue, because the assessment was made without proper verification and inquires on the issued which the AO was expected to make in view of facts and circumstances discussed above. 11. Therefore, invoking the provisions of Section 263 of the Act, the assessment order dated 26.10.2019 passed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Contra, the Learned DR relied on the order of the Pr.CIT. 6. We heard the rival submissions and perused the material on record. The sole matrix of the disputed issue as envisaged by the learned AR that the order passed by the A.O. does not satisfy the twin conditions that, it is erroneous and prejudicial to the interest of the revenue. The learned AR contentions are that the assessee against the addition made by the AO in respect of deemed rent U/sec 22 r.w.s. 23 of the Act has filed an appeal with the CIT(A) and during pendency of the appeal. The assessee has opted for VSVS2020 and the CIT(A) vide order dated 26-05-2021 has observed at page 2 Para 2 3 as under: 2.0.It is noted that the appellant has opted for the resolutionof its d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and received Form No. 5 which is concluded proceedings. We find the assessment order under Section 143(3) of the Act was passed on 24.11.2019. On appeal, the CIT(A) considering the facts of VSVS 2020 by the assessee has passed the order U/sec 250 of the Act on 26-05-2021. Whereas, the Pr.CIT on the same facts, were the A.O. has applied the mind and made an addition and passed order, now the Pr.CIT has issued notice u/sec263 of the Act on 03-03-2022 and passed revision order on 15-03-2022. We are of the opinion that the Pr.CIT has invoked provisions of section 263 of the Act after conclusion of proceedings were the assessee has opted VSVS2020 and received Form.no.5 after payment of full/final disputed taxes on 1.05.2021. Hence the revision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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