2012 (6) TMI 593

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..... g on the record to show that the books of account, bills, vouchers, cash book, etc., were produced by the assessee before the Assessing Officer at the time of assessment proceedings – Held that:- during the course of framing of the assessment, the Assessing Officer had access to all the records of the assessee, after pursuing such record the Assessing Officer framed the assessment, such assessment .....

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..... der Section 263 of the Act, took the order of the Assessing Officer in revision. After hearing the assessee, the Commissioner passed his order dated 30th March 2010. C.I.T was of the opinion that the order passed by the Assessing Officer was erroneous and was prejudicial to the interest of the Revenue. The Commissioner was of the opinion that the Assessing Officer did not carry out proper inquir .....

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..... d out full inquiries and thereafter framed the assessment. Tribunal, therefore, was of the opinion that the order of the Assessing Officer could not have been categorized as erroneous on the grounds stated by the Commissioner of Income-tax. Tribunal held and observed as under :- "6. We have carefully considered the rival submissions and have also perused the material on record as also the paper .....

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..... ision proceedings. From the replies on issues referred to in the show cause notice, it is seen that in respect of the major item being cash credits, the required details in support thereof were furnished and the A.O. is stated to have even issued summons u/s. 131 to the concerned parties for verification. In respect of current liabilities by way of sundry creditors also, from the accounts filed it .....

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..... of the assessment, the Assessing Officer had access to all the records of the assessee, after pursuing such record the Assessing Officer framed the assessment, such assessment could not have been re-opened in exercise of revision power under Section 263 of the Act for making further inquiries. In the facts of the case, in our opinion, Tribunal rightly interfered with such order. No question of la .....

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