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TMI Blog2017 (2) TMI 1102X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 of the Act are not attracted in the present case (A) no error has been found in the decision taken by the A.O. and (B) no prejudice to the revenue has been found in respect of 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. Thus the provisions of Section 263 of the Act are not attracted in the present case. The Tribunal has taken the correct view. The questions of law are, therefore, answered in favour of the assessee and against the department. - Income Tax Appeal No. 198 of 2009 - - - Dated:- 8-2-2017 - Hon'ble Bharati Sapru And Hon'ble V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 and the case was not referred to valuation cell even though the authorized officer u/s 133A had recommended reference to the valuation cell? (4) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the capital introduced by the partners and unsecured loans were explained in the hands of the assessee firm even though no necessary enquiries as to the capacity of partners and lenders to advance sums were made ? (5) Whether on the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the ITAT. The ITAT has 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 seeking many details from the assessee. The A.O. while examining the facts as provided by the assessee found them to be correct. One fact, which came to light was that there was a change in the constitution of the firm in the second period i.e. from 01.11.2002 to 31.03.2003 and upon examining them also the facts hav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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