M/s. Omm Dhanalaxmi Jewellers vs. Pr. CIT, Bhubaneswar-1.

Parties Involved

Facts Summary

The case involves an appeal by M/s. Omm Dhanalaxmi Jewellers against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act. The assessee had previously appealed against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Act dated 30.3.2024 for the Assessment Year 2013-14. The assessee raised grounds that the PCIT erred in law by utilizing section 263 for directing the Assessing Officer to do necessary verification as per the order of the ITAT Cuttack Bench dated 01-10-2019, which was already barred by limitation. The assessee also argued that the order passed under section 263 was bad in law and needed to be annulled. The Tribunal considered the submissions and the material on record and held that the reassessment proceedings initiated under section 147 of the Act were invalid, and consequently, the order passed under section 263 was also quashed.…

Legal Issues

• 1. Whether the order passed by the PCIT under section 263 of the Act is valid.
• 2. Whether the reassessment order passed under section 147 of the Act is valid.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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