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TMI Blog2016 (4) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the Commissioner of Income Tax on 30th March, 2012, in exercise of the powers under Section 263 of the Income Tax Act, 1961. 4. Mr. Tejveer Singh appearing in support of this appeal would submit that the formulated questions at pages 5 and 6 are all substantial questions of law. He would submit that if for instance this Court takes into consideration the two issues dealt with in the Tribunal's order, they would denote that the Foreign Currency Convertible Bonds (for short "FCCBs") and mark to market losses, the Assessing Officer passed an order which was erroneous and prejudicial to the interest of the Revenue. The Commissioner of Income Tax being accordingly satisfied, revised the order of the Assessing Officer. 5. Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was justified in interfering with the order of the Commissioner. The fundamental and basic ingredients on which the satisfaction of the Commissioner must be based are absent. The Assessing Officer did make an enquiry and considered all the materials. Merely because in the submission of Mr. Tejveer Singh the concession that is recorded in the Tribunal's order was lack of discussion / reference to all aspects in the assessment order does not mean that the Commissioner was justified in exercising his jurisdiction or power under section 263 of the Act. Mr. Dastur read out all the details and the discussion in the Tribunal order on FCCBs. Mr. Dastur points out that CBDT instruction No.3/2010 was issued much after the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Assessing Officer there was indeed an error and the order of the Assessing Officer, therefore, is erroneous insofar as it is prejudicial to the interest of the Revenue. The rival contentions have been noted and in dealing with them, the Division Bench found that the Tribunal has interfered with a finding by proceeding on the basis that during the course of assessment, the Assessing Officer made a specific query. This query was with reference to the deduction under the three sections, that assessee gave reply for each and every item qua this deduction which was enquired into by the Assessing Officer. That was replied one by one. It is only thereafter that the Assessing Officer accepted the claim of the assessee. According to the Divisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case before us, the concession of the assessee's authorized representative apart, what the Tribunal found and on all the three items highlighted by Mr. Tejveer Singh is that there were materials before the Assessing Officer. The Assessing Officer made enquiries about the above referred aspects and which have been noted by the Commissioner. The assessee made submissions by placing all relevant documents before the Assessing Officer. Thus the case does not fall within the parameters laid down in the decision of the Hon'ble Supreme Court and other High Courts. The mere fact that the Assessing Officer did not make any reference to these three issues in the assessment order cannot make the order erroneous when the issues were indeed l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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