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TMI Blog2024 (6) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... closing stock and the issue remained unexplained - HELD THAT:- The assessment order has been passed giving effect to the order passed u/s. 263 by the ld. PCIT. In this case, order u/s. 263 was passed revising the earlier assessment order passed u/s. 143(3) completed on 29/12/2017 vide order dated 30/03/2019. The aforesaid order of the ld. PCIT was subject matter of challenge before the Tribunal an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 29/11/2023 passed by NFAC, Delhi for the quantum of assessment passed u/s. 143(3) r.w.s. 263 for the A.Y. 2015-16. 2. In the grounds of appeal, Revenue has raised following grounds:- 1. Whether, on the facts and in the circumstances of the case, the Ld. CIT(A) was justified in holding the order dated 27.06.2019 passed u/s. 143(3) r.w.s. 263 of the IT Act as infructuous, following the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich should have been made is deemed to be erroneous and prejudicial to the interest of the revenue? 3. Whether, on the facts and in the circumstances of the case, the Ld. CIT(A) was justified in holding the order dated 27.06.2019 passed u/s. 143(3) r.w.s. 263 of the IT Act as infructuous, ignoring the ratio of Hon'ble Delhi High Court's decision in the case of Ansal Housing Finance leasing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 vide order dated 30/03/2019. The aforesaid order of the ld. PCIT was subject matter of challenge before the Tribunal and the Tribunal has quashed and set aside the order of the ld. PCIT. Once the order u/s 263 has been quashed, then assessment order passed in pursuance of 263 order has become infructuous. This precisely has been held by the ld. CIT(A) that once the Tribunal has allowed the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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