Falcon Vincon Private Limited , ... vs Pr.Cit-3, Kolkata on 7 February, 2020
In the instant case, during the assessment
proceedings u/s 143(3) of the Act, the issue relating to main object' and 'nature
of business' of the assessee company was not examined and verified in the light
of the decision rendered by the Hon'ble Supreme Court in the case of M/s
Chennai Properties & Investment Ltd. Vs.CIT (supra).This has certainly made
the assessment order as erroneous as well as prejudicial to the interest of
revenue and thus, amenable to interference by Pr.CIT by invocation of
revisionary power of the Act. In view of the facts stated above, the assessment
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ITA No.1159 / Ko l /2 019
Falcon Vincon Private Limited
Order passed by the A.O. has become erroneous and prejudicial to the interests
of revenue which will called for intervention of the Section 263 of the Act.