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Showing contexts for: revised return when valid in Loot India P.Ltd, Mumbai vs Dcit 7(3), Mumbai on 18 September, 2018Matching Fragments
2. One issue raised in ITA No. 3025/Mum/2015 for A.Y. 2009-10 is the assessee's plea against the validity of Assessing Officer's (A.O. for short) jurisdiction for reopening the assessment u/s. 147/148 of the Income Tax Act, 1961 ('the Act' for short).
3. At the outset, the ld. Counsel of the assessee submitted that he shall not be pressing this ground. Hence, this ground is dismissed as not pressed.
4. One issue raised in A.Y. 2010-11 is that the ld. CIT(A) erred in confirming the rejection by the A.O. of a validly filed revised return of income by the assessee company.
16. The grounds of appeal read as under:
1. On facts, in circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in confirming the rejection by the learned A.O. of a valid revised return of income filed by the appellant company.
2. On facts, in circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in confirming the addition made by the learned A.O. of Rs.17,16,93,811/- being difference in valuation of opening stock and closing stock as per valid revised return of income filed by the appellant company.