2023 (12) TMI 977

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he following grounds of appeals:- "1. The learned Principal Commissioner of Income-tax - Rajkot -1, Rajkot erred in holding that the assessment order dated 27-12-2019 passed u/s 143(3) of the Act was erroneous and prejudicial to the interest of revenue and thus erred in assuming jurisdiction u/s 263 of the Act, in the light of show cause notice and the order passed u/s 263 of the Act and hence the impugned order is bad in law. 2. The learned Principal Commissioner of Income-tax, Rajkot -1, Rajkot erred in setting aside the assessment order framed u/s 143(3) of the Act by holding that the A.O. has not conducted any inquiries/verification in respect of claim of deduction u/s 80P(2)(d) of the Act and in respect of non-deduction of tax dedu .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eous and prejudicial to the interest of Revenue. In response to the aforesaid notice, the assessee filed response dated 28.01.2022, in which it was submitted that the Assessing Officer had already disallowed entire deduction of Rs. 28,39,345/- claimed by the assessee under Section 80P of the Act in the assessment order dated 27.12.2019. Further, as per Para 3.4 and 4 of the assessment order, the deduction under Section 80P with respect to the interest income of Rs. 1,02,543/- from Bank of Baroda had been disallowed by the Assessing Officer and added to the income of the assessee. Accordingly, the assessment order is not erroneous with respect to the aforesaid issue raised by Ld. PCIT. Thereafter, the Ld. PCIT issued another notice dated 04. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rincipal of natural justice. It was further submitted that in the second notice, seemingly a specific direction was given to the Assessing Officer to set-aside the original assessment proceedings and hear the matter afresh. 6. In response, the Ld. D.R. submitted that there is no statutory bar under Section 263 of the Act which prohibits the Ld. PCIT to raise another issue, if from the records it is found that certain inquiry was not conducted, which should have been made during the course of assessment proceedings while framing the assessment order. Further, it was submitted that even the assessee has not objected to the fact that to that extent the assessment order is erroneous and prejudicial to the interest of the Revenue. It was furthe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X