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TMI Blog2017 (8) TMI 1698X X X X Extracts X X X X X X X X Extracts X X X X ..... mination was done by the AO relating to sale and transactions of purchase shares entered into by the Assessee. Explanation was called from the Assessee. Assessee submitted explanation along with all the details i.e. the copy of the broker notes for purchase of shares, physical purchase of shares, the details of the share transactions, the copy of the account of broker, the proof of payment of shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .V. GANGAPURWALA AND A.M. BADAR, JJ. For the Appellant : Mr.Suresh Kumar h/f. Mr.Arvind Pinto For the Respondent : Dr.K. Shivram a/w. Ms.Neelam C. Jadhav ORDER PER COURT: 1] The appeal pertains to Assessment Year 2006-07. 2] The order under Section 263 of the Income Tax Act, 1961 (for short the Act ) has been set aside by the Tribunal. 3] Mr.Suresh Kumar, the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aneta Industries Ltd. on 6th April, 2004. This aspect has been considered by the CIT while passing order under Section 263 of the Act. 4] The learned counsel for the Respondent supports the impugned order. 5] Initially the Assessment was done under Section 143(3) of the Act. Before passing the Assessment order the Assessee was called by the Assessing Officer seeking the details. The examinat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l the details of the transactions are reproduced by the Tribunal in the order. The order certainly cannot be said to be erroneous on the part of the Assessing Officer. The order was passed by the Assessing Officer under Section 143(3) of the Act, after making necessary inquiries and verifying the claim made. 7] Considering the above, no error has been committed by the Tribunal. No substantial q ..... X X X X Extracts X X X X X X X X Extracts X X X X
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