ADANI ENTERPRISES LTD. Vs. ADDL. C.I.T.

JUDGEMENT

(1.) THIS appeal has been filed by the assessee against the order u/s. 263 of the Income Tax Act, 1961 of Commissioner of Income Tax, Ahmadabad -1, dated 28.03.2014 for A.Y. 2008 -09 on the following grounds:

(2.) CIT called for and examined the assessment proceedings for A.Y. 2008 -09 in assessee's case and observed that assessment order passed u/s. 143(3) r.w.s. 144C of the Act on 24.02.2012 by Additional CIT determining total income at Rs. 1,36,99,26,007/ - was erroneous in so far as it was prejudicial to the interest of Revenue on following grounds:

(3.) AFTER going through rival submissions and material on record, we find that order of Assessing Officer has been reversed under the provision of Section 263 of the Act. For the sake of convenience we reproduce Section 263, which reads as under: