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TMI Blog2023 (1) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... Iron Trading Co. [ 2003 (5) TMI 48 - PUNJAB AND HARYANA HIGH COURT] and Eicher Ltd [ 2007 (5) TMI 107 - HIGH COURT , DELHI] - Therefore, it cannot be said that the AO had failed to make an enquiry, no further enquiry is necessary and all the facts were before the AO. Consequently, we are of the considered opinion that the proposition that the assessment order is erroneous for want of an enquiry or proper enquiry would have no application to the facts of the present appeal. PCIT cannot invoke the jurisdiction u/s 263 of the Act in respect of this issue. Accordingly, we set-aside the order of revision u/s 263 on this point. - ITA Nos. 857 & 858/PUN/2019 - - - Dated:- 4-1-2023 - SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER AND SHRI S. S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced from cost of asset as per provisions of explanation 10 to sub section of section 43 of the Act. 4. On the facts and in the circumstances of the case and in law the learned Pr. Commissioner of Income Tax -1, Aurangabad has erred in stating that there are undisclosed receipts of assessee as reflected in Form 26AS. 5. The assessee craves leave to add, alter, amend, modify, delete all or any of the grounds of appeal. 5. Briefly, the facts of the case are as under : The appellant is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of manufacturing and sale of auto components. The Return of Income for the assessment year 2013-14 was filed on 30.11.2013 declaring to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer and took one of the plausible view and, therefore, in such circumstances, the question of exercise of revision power does not arise. Thereafter, the ld. PCIT also noticed that there is a discrepancy between the gross receipts as per the TDS statements and the amount disclosed in the return of income and the Assessing Officer had failed to reconcile these discrepancies. Accordingly, the ld. PCIT given an opportunity to the assessee to explain the discrepancies between Form 26AS and the amount shown in the return of income. On receipt of the said notice, the appellant company filed a detailed explanation as to how the discrepancies had arisen between the amount shown in the return of income and the statement as per Form 26AS. On due c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Government of Maharashtra under the Package Scheme Incentives- 2007 as well as regarding nature of subsidy whether capital in nature or revenue vide notice u/s 142(1) dated 06.09.2016 vide query no.17, which is placed at page no.11 of the Paper Book. The ld. AR also took us through the explanation filed before the Assessing Officer in response to query no.17 which is placed at page no.19 to 24 of the Paper Book. The ld. AR also took us to the explanation offered by the appellant in response to query no.22, wherein, it is submitted that the provisions of Explanation 10 to section 43(1) have no application. The ld. AR also placed reliance on the decision of the Co-ordinate Bench of this Tribunal in the case of ITO vs. Shriniwas Engineerin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment order passed is erroneous and prejudicial to the interests of revenue. In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be made to the decision of the Hon ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC). The error in the assessment order should be one that it is not debatable or plausible view. In a case where the Assessing Officer examined the claim took one of the plausible views, the assessment order cannot be termed as an erroneous . 12. In the present case, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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