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TMI Blog2021 (9) TMI 1557X X X X Extracts X X X X X X X X Extracts X X X X ..... d opinion that it would be in the fitness of thing to restore the matter of revision back to the file of Ld. Pr. CIT to consider factual matrix as well as to consider the arguments of the assessee on the issue. The assessee, in turn, is directed to substantiate his stand, in this regard. The appeal stands allowed for statistical purposes. - HON BLE SHRI MAHAVIR SINGH, VP AND HON BLE SHRI MANOJ KUMAR AGGARWAL, AM For the Assessee : Shri Deepak Tikkekar, Ld. AR For the Revenue : Shri Sunil Jha, Ld. CIT-DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1.1 Aggrieved by invocation of revisional jurisdiction u/s 263 for Assessment Years (AY) 2015-16 2016-17 by learned Pr. Commissioner of Income Tax-17, Mumbai (Pr. CIT) vide separate orders dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 16/03/2020 and 28/12/2020, however, none appeared for assessee and no submissions were filed. Accordingly, an opinion was formed that the assessee was ineligible to claim deduction in view of amended provisions of Sec. 80P(4), The failure on the part of Ld. AO make necessary enquiries and bring on record all necessary facts for determining the true character and nature of interest income especially in the light of amended provisions of Sec. 80P(2)(4) has made the order amenable to revisions u/s 263. Accordingly, the order was set aside with a direction to Ld. AO to frame de novo assessment. Aggrieved, the assessee is in further appeal before us. 4. The Ld. AR submitted that the assessee earned interest of Rs. 107.52 Lacs on fixed deposits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered opinion that it would be in the fitness of thing to restore the matter of revision back to the file of Ld. Pr. CIT to consider factual matrix as well as to consider the arguments of the assessee on the issue. Needless to add that adequate opportunity of hearing shall be granted to the assessee. The assessee, in turn, is directed to substantiate his stand, in this regard. The appeal stands allowed for statistical purposes. 6. Facts are substantially the same in AY 2016-17. An assessment was framed u/s 143(3) on 11/12/2018 accepting the returned income filed by the assessee. The Ld. Pr. CIT, invoking revisional jurisdiction u/s 263, show-caused the assessee that the assessment order was passed without making necessary enquiries and verif ..... X X X X Extracts X X X X X X X X Extracts X X X X
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