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TMI Blog2022 (11) TMI 1526X X X X Extracts X X X X X X X X Extracts X X X X ..... add the aforementioned sum without a direction to the AO to re-examine the issue was beyond the scope of the powers of the CIT u/s 263 - HELD THAT:- ITAT has noted that the AO had in fact allowed the aforementioned sum, which was paid towards import of raw materials utilized in the turnover of the Assessee and was therefore in accordance with the scheme of the business of the Assessee . ITAT was o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quashed only to that extent. This Court has heard the submissions of Mr. T. K. Satapathy, learned Senior Standing Counsel for the Revenue Department and has carefully perused the orders of the CIT as well as the ITAT. The conclusion reached by the ITAT that the CIT could not have unilaterally directed the AO to add back the aforementioned sum by holding that it was disallowable as expenditure coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT) assuming jurisdiction under Section 263 of the Income Tax Act, 1961 (Act) after perusing the assessment records, which included an assessment order dated 23rd December, 2010 passed by the Assessing Officer (AO) under Section 143(3) of the Act. 3. Inter alia, the CIT noted that during the AY in question the Assessee had made payments to the tune of Rs.1344,63,25,000/- to non-resident payees wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO to add the aforementioned sum without a direction to the AO to re-examine the issue was beyond the scope of the powers of the CIT under Section 263 of the Act. It was held that the CIT could not unilaterally direct the AO to disallow the same when the procedure to adopt assuming jurisdiction under the provisions of Section 263 remained unfulfilled by the learned CIT. 5. The ITAT further not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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