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TMI Blog2023 (1) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... of only of few days clearly indicates the lack of seriousness on the part of the Revenue in adhering to timeline stipulated under the Act. The application is accordingly dismissed. Revision u/s 263 - As per CIT provisions of Section 56(2)(vii)(a) would be applicable and the assessee would be liable to pay tax on the difference between the consideration paid for the said shares and their Fair Market Value - HELD THAT:- MAT credit entitlement is not a marketable asset, and the question whether such entitlement should be included while computing the fair market value of shares of a company is debatable. More importantly, the learned ITAT found that the learned Commissioner was not justified in assuming jurisdiction on the ground that n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessed. A meaningful reading of the order passed by the Commissioner under Section 263 of the Act clearly indicates that the net tax effect of setting aside the said order is far below the monetary limit specified by the CBDT. We dismiss the present appeal on the ground that it is belated; the tax effect is below the monetary limit; and no substantial question of law arises in the present appeal. - ITA 461/2022 - - - Dated:- 17-1-2023 - HON'BLE MR. JUSTICE VIBHU BAKHRU AND HON'BLE MR. JUSTICE AMIT MAHAJAN For the Appellant Through: Mr. Pueet Rai, SSC with Ms. Adeeba Mujahid, Adv. For the Respondent Through: Mr. Piyush Kaushik, Adv. O R D E R CM No.49346/2022 (for exemption) 1. Exemption is allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the part of the Revenue in adhering to timeline stipulated under the Act. 6. The application is accordingly dismissed. ITA 461/2022 7. In view of the above, it is not necessary to examine the present appeal, however, this Court considers it apposite to briefly examine the same. 8. The learned Income Tax Appellate Tribunal (ITAT) had allowed the assessee s (respondent s) appeal against an order dated 31.03.2021, passed by the Commissioner of Income Tax as the learned ITAT found that the Commissioner was not justified in invoking the provisions of Section 263 of the Act. 9. The assessee had filed a return of income for the Assessment Year 2015-16 declaring a total income of ₹7,78,490/-. The assessee s return was pick ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ortantly, the learned ITAT found that the learned Commissioner was not justified in assuming jurisdiction on the ground that no enquiries had been conducted by the AO. The AO had issued queries regarding investment in unlisted equity shares. The assessee had responded to the questionnaire and submitted various details including the details of the shares purchased; the entities from whom the shares were purchased; copies of the bank accounts evidencing payments of consideration; and, the computation of the book value of the shares amongst other details. The AO had applied its mind to the said information and had framed the assessment. The learned ITAT rightly held that this is not a case that no enquiry has been conducted by the AO. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner had set aside the assessment order with a direction to the assessee to make a fresh assessment, the tax effect could not be ascertained and the appeal was not covered under the Board Circulars issued in this regard. The said contention is unpersuasive. The orders passed under Section 263 of the Act are not excluded from the purview of the circular issued by the Central Board of Direct Taxes (CBDT) fixing the monetary limits for filing appeals. In the present case, although the Commissioner had remanded the matter to the AO, he had also broadly quantified the income, which, according to the Commissioner, had been under assessed. A meaningful reading of the order passed by the Commissioner under Section 263 of the Act clearly indicates ..... X X X X Extracts X X X X X X X X Extracts X X X X
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