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TMI Blog2011 (5) TMI 1144X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT DR ORDER PER B.C. MEENA, ACCOUNTANT MEMBER : The assessee has filed this appeal against the order of CIT, Delhi-V, New Delhi dated 18.05.2009 for the assessment year 2005-06. The grounds of appeal taken by the assessee read as under :- 1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (CIT) under Section 263 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he proceedings for verification and as such the order passed was neither erroneous nor prejudice to the revenue. 5. On the facts and circumstances of the case, the learned CIT has erred both on facts and in law, in ignoring the contention of the appellant that the proceeding under Section 263 cannot be used for substituting opinion of the AO by that of the CIT. 6. On the facts and circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT held that the assessee failed to establish the genuineness of these loan and share capital. He has also held that assessee has failed to establish the identity and creditworthiness of the persons from whom these loans and share capital were received. 3. We have heard both the sides on the issue and after hearing, we hold that the CIT (A) has rightly initiated the proceedings u/s 263. The AR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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