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TMI Blog2016 (12) TMI 1901X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings u/s 154 arising subsequently out of the assessment order passed by the AO u/s 143(3) of the Act and such record was before ld CIT before he issued notice u/s 263 on 11.03.2011. Thus, in our considered view, the assessment order dated 23.12.2008 passed by the A.O. u/s 143(3) of the Act is neither erroneous nor it is prejudicial to the interest of Revenue, and the CIT has not correctly invoked the provisions of section 263 hence, the order of the CIT in our considered view is not sustainable in law and is hereby ordered to be quashed. Assessee stated that the consequential assessment framed u/s 143(3) r. w. s. 263 dated 30-08-2011 will not survive and accordingly, the order of CIT(A) will not survive. We find from the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11, whereby the order of CIT-8, Mumbai for the A.Y. 2006-07 was quashed vide order dated 14-12-2016 vide para as under: - We have considered the rival contentions and also perused the material available on record including the case laws relied upon. We have observed that the assessment was framed u/s 143(3) of the Act by the A.O. on 23rd December, 2008 and during the course of assessment proceedings, the A.O. has made necessary enquiries with respect to the matters covered by the order of the CIT u/s 263 of the Act. Tax-audit reports were also submitted by the assessee before the AO and it cannot be said that the A.O. has not gone through the tax audit report as being a statutory document, the AO is bound to go through the same before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of Section 154 of the Act to rectify the mistake apparent from record. The assessee in proceedings before learned CIT u/s 263 of the Act and also before us duly demonstrated that all the facts were before the AO and the AO has taken a conscious decision on merits which is a plausible decision which does not warrant interference u/s 263 of the Act to revise concluded assessment. We have also considered all the replies given by the assessee on merits before AO and CIT as well before us which are set out in preceding para s and are not repeated for the sake of brevity , and we find that the assessee has convincingly replied on all issues on merits and the view taken by the AO before passing assessment order was a plausible view on merit t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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