9911796707
TMI Blog2023 (6) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... led to notice the underlying facts, while invoking his powers under Section 263 of the Act. Tribunal correctly appreciated the law on the subject, which is that for invoking powers under Section 263 of the Act, two conditions have to be met, i.e., not only the order should be erroneous, but it should also be prejudicial to the interest of the revenue. Twin conditions were not met. The Tribunal has correctly interdicted the view taken by the PCIT. Given the facts obtaining in the instant case, we are in agreement with the Tribunal, that the power under Section 263 of the Act was wrongly exercised by the PCIT. No substantial question of law. - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE GIRISH KATHPALIA For the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e return, the respondent/assessee declared an income amounting to Rs. 6,24,10,490/-. This return was processed under Section 143(1) of the Income Tax Act, 1961 [in short, Act ]. 11.2 It transpires that the return filed by the respondent/assessee was picked up for scrutiny. After scrutiny, the Assessing Officer (AO) framed the assessment order on 08.12.2016 under Section 143(3) of the ct. 11.3 The record also discloses that the Principal Commissioner of Income Tax [in short, PCIT ] invoked the provisions of Section 263 of the Act and accordingly, issued a show cause notice to the respondent/assessee on 19.03.2019. 11.4 The PCIT s concern, as reflected in the show cause notice dated 19.03.2019, was with regard to the sale of the subject land, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence was filed by the respondent/assessee with the Board of Industrial and Financial Reconstruction [in short, BIFR ] under the relevant provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 [in short, SICA ]. (ii) While Reference was pending before the BIFR, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [in short, SARFAESI Act ] came to be enacted. Consequently, proceedings before the BIFR stood abated on 13.10.2010. (iii) State Bank of India [SBI], which was one of the secured lenders of the respondent/assessee, took steps on behalf of the consortium of lenders for recovering the dues, by seeking to auction the subject land. The record shows that the SBI atte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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