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TMI Blog2017 (4) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... : Pradeep Agrawal ORDER 1. Heard learned counsel for appellant and perused the record. 2. This appeal filed under Section 260A of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") has arisen from judgment and order dated 20.02.2015 passed by Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as "Tribunal") in Income Tax Appeal No. 603/LKW/2012 in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal is justified under the facts and circumstances of the case in setting aside the order of CIT under Section 263 without appreciating that the assessing officer being a quasi-judicial authority has to pass a reasoned order on each issue and the application of mind on the issue must be reflected from the assessment order. 4. The order was passed by Commissioner of Income Tax (hereinafter ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of incomplete supply or cancellation of order or missing of any article etc. However, it is evident from record that aforesaid money was received by Assessee in furtherance of his trading activities for supply, and, therefore, has to be shown as income in the year in which it was received. Mere fact that there may be a contingency of refund of that amount in future will not make any difference i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether entire amount was business expenses or personal expenses. Tribunal on the contrary has observed very categorically that AO has made a proper enquiry with respect to debit entry of Rs. 27,75,722/-. The finding recorded by Tribunal, therefore, is a finding of fact with regard to enquiry and even otherwise, we find that CIT himself has not made any enquiry to find out whether expenses allowed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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