2017 (2) TMI 1102

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Piyush Agrawal, learned Counsel for the department and Sri Amit Mahajan, learned Counsel for the assessee. This is a department's appeal under Section 260A of the Income Tax Act, 1961 against an order of the Tribunal dated 12.09.2008 for the assessment year 2003-04. The questions of law sought to be answered are hereunder:- "(1) Whether on the facts and in the circumstances of the case, th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... es was erroneous as well as prejudicial to the interest of revenue ? (3) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that assessment order was not erroneous and prejudicial to the interest of revenue if the A.O. accepted the argument of the assessee that no valuation of building and plant and machinery was got done by registered valuer a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Assessing Officer was justified in exercise of powers under Section 263 of the Income Tax Act, the Tribunal was justified in proceeding with the assessment by entering into the details of the assessee?" The facts of the case are that the assessee firm carries on the business of manufacturing of glass and glass wares. It filed its original Return of Income (ROR) on 27.11.2003 declaring as income .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as examined the every aspect of the matter and has set aside the order passed under Section 263 of the Act after recording categorically in paragraphs no.14 & 15 of its judgement that full and proper enquiries were made in the case of the assessee. The proper verifications have been made and also has noted that since it was a survey because a detailed questionnaire had been issued to the assessee .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the books of account of the assessee. Insofar as the capital assets of the assessee are concerned, the details with regard to the capital assets and his partners have also been examined and no irregularity was found in that also. In view of the findings of fact recorded by the Tribunal, we are of the view that the provisions of Section 263 of the Act are not attracted in the present case. The T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X