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TMI Blog2014 (9) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. On 21.8.2007, I.T.A. No.140 of 2003 was admitted on the following substantial question of law:- "Whether on the facts and in the circumstances of the case the Tribunal is justified in law, in holding that the order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of revenue in setting aside the order of the CIT u/s 263 of the Act." 3. On 30.4.2009, I.T.A. No.198 of 2004 was admitted by a coordinate Bench of this Court on the following substantial question of law:- "Whether the Tribunal is justified in annulling the Assessment Order passed by the Assessing Officer on 7.03.2003 in pursuance to the order passed by the Commissioner of Income Tax under Section 263, holding that the order of the CIT under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd his brothers. As per the lease deed, it appears that these persons were appeared before the A.O. and stated that they have given the land to the assessee company and lease rent is being received by them. 7. After having the land on lease, the company entered into an agreement with M/s Shiva Bhandar for the sale of the agricultural produce, who has sold the produce to the Food Department. Thus, the A.O. has accepted the genuineness of the agricultural income generated by the company. 8. However, on 5.3.2002 C.I.T. has passed an order under Section 263 of the Act and set aside the assessment order passed by the A.O. The C.I.T. has observed in its order that the A.O. will have to examine the genuineness of the agricultural income shown by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tent to make independent inquiry himself in the matter, but he has adopted short cut method by setting aside the order passed by the A.O., which is not desirable. 11. By considering the totality of the facts and circumstances of the case, we are satisfied that the A.O. has made necessary inquiry while passing the fresh assessment order in pursuance to the direction issued by the C.I.T. (A). When it is so then there was no occasion for the C.I.T. to pass an order under section 263 of the Act. Therefore, we find no reason to interfere with the impugned order passed by the Tribunal, the same is hereby sustained alongwith the reasons mentioned herein. 12. In Income Tax Appeal No.198 of 2004, it appears that the revisional order passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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