9911796707
TMI Blog2024 (8) TMI 1319X X X X Extracts X X X X X X X X Extracts X X X X ..... PO, the PCIT cannot say that the assessee accepted the due date for filing its return of income as 30th October. In our considered view, the assessee may have objected for the reference to the TPO but that would not have changed the colour of the mandatory provisions of the Act as mentioned elsewhere. As per the provisions of Section 92E, since the assessee has entered into an international transaction it obtained the report from an accountant in Form 3CEB and furnished the same and since the AO was about to refer the matter to the TPO, it shows that there was an international transaction and, therefore, the due date for the assessee for filing the return of income was 30th November. Assessee has simply carried forward losses and the appreh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he return was selected for scrutiny assessment and accordingly, statutory notices were issued and served upon the assessee. The assessment was completed vide order dt. 23/04/2021. 4.1. Assuming powers conferred upon him by the provisions of Section 263 of the Act, the PCIT issued notice dated 06/09/2023. The relevant part of the notice reads as under:- In your case, return of income for A. Y. 2018-19 was filed on 30.11.2018 declaring total loss of Rs. 11,93,51,376/-. Thereafter, you have filed revised return on 30.03.2019 declaring total loss of Rs. 7,57,49,062/-. Subsequently, your case was selected for scrutiny under CASS and Assessment Order u/s 143(3) r.w.s 144B of the IT Act for AY 2018-19 was completed on 23.04.2021 accepting the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasons, it is seen that the Assessment Order dated 23.04.2023 passed is erroneous in so far as it is prejudicial to the interest of the revenue. Therefore, I, the Pr. Commissioner of Income-tax -4, Mumbai, in exercise of the powers conferred on me under the provisions of Section 263 of the I.T. Act, 1961, propose to consider this matter and pass such order thereon as the facts and circumstances of the case may justify. 4. Before doing so, I hereby give you an opportunity of being heard to explain your stand. If you desire to be heard in person or through an authorised representative, you may please attend before me at my office at the above mentioned address on 22/09/2023 at 12:00 AM. You are also requested to furnish your submissions in w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the apprehension of the PCIT are premature as the same will be considered only when the assessee claims set off of brought forward losses which will happen in the subsequent AYs as and when the assessee claims the set off of losses. For the year under consideration the assessee has simply carried forward losses. 7. Considering the facts of the case in totality we are of the opinion that the assessment order is neither erroneous nor prejudicial to the interest of the revenue for the year under consideration. Therefore, we set aside the order of the PCIT dated 26/03/2024 and restore that of the AO dated 23/04/2021. 8. In the result, appeal of the assessee is allowed. Order pronounced in the Court on 20th August, 2024 at Mumbai. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
