Ita/22/2015 Of Commnr.of Income Tax v. M/S.rektor Mines And Minerals Ltd

08. 22.02.2019 Heard learned counsel for the appellant. By way of this appeal, the appellant has challenged the judgment and order dated 27.01.2015 passed by the Income Tax Appellate Tribunal, Cuttack Bench, Cuttack in ITA No.431/CTK/2012 whereby the Tribunal has allowed the appeal. The case of the appellant is that notice under Section 263 of the I.T. Act issued is pending before the CIT of Appeals. The Tribunal while considering the matter, at paragraphs-6 and 7 of its order has observed as under: “6. We have gone through the written submission of both the parties. We find from the written submission of the assessee that two issues are raised by the CIT, one is unexplained investment in shares and secondly inflated purchases of raw material from M/s. P.J. Minerals International (P) Ltd. The assessee submitted that for the same two issues as the CIT(A) sought a remand report from the Assessing Officer and when the same issues are pending for execution before the CIT(A), Section 263(1)(c) prohibiting the CIT from invoking Section 263 on such matters which are under consideration by the CIT. Section 263(1) of the Act read as under:- “(c) where any order referred to in this sub-section and passed by the Assessing Officer had been the subject matter of any appeal (filed on or before or after the 1[st] day of June, 1988), the powers of the commissioner under this sub-section shall extend (and shall be deemed always to have extended) to such matters as had not been akk considered and decided in such appeal).” 7. From the above Section, it is clarified that the Commissioner of Income Tax has no power to consider this matter and decide this matter, which is subject matter before the CIT(A).” We are in complete agreement with the view taken by the Tribunal. Accordingly, the Income Tax Appeal stands dismissed. .…….......……………… ( K.S. Jhaveri ) Chief Justice …………………..……… (K.R. Mohapatra) Judge