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P.N.PARASHAR, G.S.PANNU
Ajit Gupta – Appellant
Versus
Income-tax Officer – Respondent
G.S. Pannu, Accountant Member. - These two appeals have been preferred by the assessee against the respective orders of the CIT, Moradabad (in short ‘CIT’) passed under section 263 of the Income-tax Act, 1961 (in short ‘the Act’) dated 31-3-2005 pertaining to the assessment years 2001-02 and 2002-03.
2. In both the appeals, the assessee has assailed the assumption of jurisdiction by the CIT under section 263 of the Act on various grounds. Since the two appeals relate to a single assessee and involve common issues they have been heard together and we find it expedient to dispose of the same by a common order. We take up for consideration appeal for the assessment year 2001-02.
3. In this appeal, the challenge to the order of the CIT under section 263 is on the basis that the same is bad in law for it is beyond the jurisdiction of the CIT. The assessee has also challenged the order of the CIT on merits of the dispute. The brief background leading up to the present proceedings can be understood as follows. In this case, the assessee filed a return of income on 31-10-2001 declaring total income at Rs. 12,70,840. In the return of income, the assessee, who is engaged in the manufactur
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