9911796707
TMI Blog2018 (10) TMI 1383X X X X Extracts X X X X X X X X Extracts X X X X ..... y the ITO was erroneous and prejudicial to the interest of the revenue. However, upon perusal of the record as well as the orders passed by the authorities concerned reflect that in fact the AO had given notice to the assessee once again and had examined the entire benami transactions. Nothing had been left to imagination or to the realm of speculation. The verification had duly been made by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the assessee. This is a department's appeal under Section 260-A of the Income Tax Act, 1961 against an order of the Tribunal dated 17.04.2009 for the assessment year 2002-03. The question of law sought to be answered are hereunder :- 1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in setting aside the order of the CIT u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT u/s 263 of the Act in not appreciating the ratio of decision of Hon'ble Madras High Court delivered in case of K.A. Ramaswamy Chettiar and Another Vs. CIT, reported in 220 ITR 657, Hon'ble Supreme Court given in the case of Smt. Tara Devi Agarwal Vs. CIT, 88 ITR 323 and Hon'ble Punjab Haryana High Court given in the case of CIT Vs. Export House, 256 ITR 603 ? The assessee had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paragraph no.6 of the judgement that it could not be said that the AO had passed any order, which was either erroneous or prejudicial to the interest of revenue in order to revoke the provisions of Section 263 of the Act. In view of the above, the questions of law are answered in favour of the assessee and against the department. The appeal has no merit, it is dismissed. No costs. - - T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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