Judgment with reference to section 263 of IT ACT-1961 is worth reading which concluded that Explanation cannot override the law

M/S. Amira Enterprises Ltd., New … vs Pr. Cit (C), Gurgaon on 29 November, 2017

ORDER: 

PER B.P. JAIN, ACCOUNTANT MEMBER, This appeal filed by the assessee is directed against the order dated 17.02.2017 passed by the CIT(A) – Central, Gurgaon, for the A.Y. 2014-15 u/s 263 of the Income Tax Act, 1961 (hereinafter, referred to as ‘the Act’ for short).

2. The assessee is in the business of trading of rice. During the year under consideration, i.e. A.Y. 2014-15, the assessee filed return of income on 25.11.2014 declaring income of Rs. 32,21,460/-. The case was selected for scrutiny under CASS and a notice u/s 143(2) dated 18.09.2015 was issued. Thereafter notice u/s 142(1) alongwith questionnaire was issued on 05.04.2016. The appellant appeared on various dates and filed the required details from time to time. Assessment order dated 29.06.2016 was passed u/s 143(3) accepting the returned income of Rs. 32,21,460/-. The books of account and vouchers were produced and examined by the Assessing officer.