2010 (9) TMI 118

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....e Income Tax Department has been filed under Section 260A of the Income Tax Act,1961 (for brevity "Act, 1961") challenging the order dated 14th October, 2009 of Income Tax Appellate Tribunal (in short "Tribunal") in ITSSA No. 4/Agr/2008 for the Block Assessment Period 1st April, 1996 to 10th December, 2002. 2. The relevant facts of the present case are that a search and seizure under Section 132(....

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....peal against CIT(A) which was dismissed by the Tribunal. Hence the present appeal. 3. Mr. Abhishek Maratha, learned counsel for the revenue submitted that Tribunal had erred in law in upholding the CIT(A)'s order of deletion of addition made by the AO ignoring the fact that M/s. Raj Kattha Products Pvt. Ltd. who claims to have given share application money of ' 13,00,000/- was one of the main com....

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....eal Properties (P) Ltd. 5. It is pertinent to mention that the assessment order of M/s. Raj Kattha Products (P) Ltd. for the assessment year 2003-2004 under Section 143(2) of the Act, 1961, wherein the said sale of shares was accepted, was made by the same A.O. 6. We also believe that A.O.'s change of opinion regarding the said transaction cannot be justified in absence of emergence of any new i....