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TMI Blog2025 (1) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be entertained by the Official Liquidator u/s. 53(1) of the Code. Appeal filed by the assessee has become infructuous and dismissed as such. However, the assessee is at liberty to approach the Tribunal for reinstitution of the appeal and the Tribunal shall consider such application appropriately, as per law. - Shri Shamim Yahya, Accountant Member And Shri Yogesh Kumar US, Judicial Member For the Assessee : CA, Parveen Kumar For the Department : Shri Dayainder Singh Sidhu, CIT(DR) ORDER PER SHAMIM YAHYA, AM : This appeal by the Assessee is directed against the order of the Ld. PCIT, NOIDA dated 24.03.2021passed u/s. 263 of the Act which is pertaining to assessment year 2016-17 on the following grounds:- 1. That on the facts and in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fact that the sale in respect of subject commercial plot was accounted for and assessed in AY 2013-14 wherein section 43CA was not applicable. 5. That the assessment under section 143(3) has been processed by the Ld. AO after duly considering the audited accounts, material, explanations and submissions on record including in context of method of accounting and applicable law. The directions of the Ld. PCIT in setting aside the assessment back to the Ld. AO, being vague and not final, the order of the Ld. PCIT passed under section 263 is not sustainable and deserves to be quashed. 6. That Explanation 2(a) to subsection 263(1) of the Act is not applicable on the facts and law involved. The findings of the Ld. PCIT that the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erroneous and as such deserves to be quashed. 11. That without prejudice to the claim that the subject revision order deserves to be quashed being a legal nullity, the transaction being at fair market value duly supported by the valuation report from the independent unrelated registered valuer, the impugned revision order of the Ld. Ld. PCIT is unlawful and deserves to be quashed. 12. That the Grounds of Appeal as herein are without prejudice to each other. 13. That the appellant craves leave to add, amend, modify and/or forgo any of the grounds of appeal before or at the time of hearing. 2. The brief facts of the case are that assessee company filed its e-return declaring income of Rs. NIL on 30.11.2016. the assessee company also declared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 263 of the Act. I, the Pr. Commissioner of Income Tax, Noida, therefore, remand the matter back to the Assessing Officer for re-computing the income from transfer of commercial plot of land as per provisions of law in the hands of the assessee company. 4. Against the aforesaid order of the Ld. PCIT, assessee is in appeal before us. 5. At the time of hearing, Ld. AR has submitted that Corporate Insolvency Resolution Process (CIPR) has been initiated against the assessee, under the Insolvency and Bankruptcy Code, 2016 (IBC) and a moratorium has been imposed by an order dated 03.06.2024 issued by the Hon ble National Company Law Tribunal (NCLT), Allahabad, under the IBC. He also placed the copy of the aforesaid order of the NCLT. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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