Dy. Commissioner of Income-tax, Central Circle-3(1), Hyderabad v. P.S. Prasad
[Citation -2016-LL-0921-11]
| Citation | 2016-LL-0921-11 |
|---|---|
| Appellant Name | Dy. Commissioner of Income-tax, Central Circle-3(1), Hyderabad |
| Respondent Name | P.S. Prasad |
| Court | ITAT-Hyderabad |
| Relevant Act | Income-tax |
| Date of Order | 21/09/2016 |
| Assessment Year | 2009-10 |
| Judgment | View Judgment |
| Keyword Tags | revision order |
| Bot Summary: | Subsequently, the CIT revised the assessments of all the above assessees u/s 263 of the Act which were challenged by the respective assessees before the ITAT. Meanwhile, the AO completed the assessment u/s 143(3) r.w.s. 263 of the I.T. Act, against which, the respective assessees preferred appeals before the CIT. In the meantime the ITAT has set aside the order u/s 263 as not sustainable. Taking note of the same, the CIT has allowed the assessees appeal holding that the assessment order u/s 143(3) r.w.s 263 does not survive. Against this order of the CIT, the Revenue is in appeal before us raising a ground that the CIT has erred in quashing the order of the AO made u/s 143(3) r.w.s. 263 of the I.T. Act when further appeal is pending before the Hon'ble High Court on the same issue. The learned DR relied upon the grounds raised by the Revenue in each of the appeals while the learned Counsel for all the assessees has furnished before us copies of the order of the Tribunal quashing the 263 order in the case of all the assessees. Having regard to the rival contentions and the material on record, we find that the order u/s 263 has already been quashed by the ITAT and therefore, the consequential assessment u/s 143(3) r.w.s. 263 of the I.T. Act has no legs to stand and therefore, the CIT rightly set aside the assessment. Merely because the Revenue is in further appeal before the Hon'ble High Court against the order of the Tribunal setting aside the revision order u/s 263, the order of the Tribunal does not lose its precedential value unless it is set aside by the Hon'ble High Court. Order pronounced in the Open Court on 21st September, 2016. |