TaxTMI 
TaxTMI 
2012 (6) TMI 593
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....ng following question for our consideration :- "Whether Appellate Tribunal is right in law and on facts in setting aside the order passed by the CIT u/s. 263 of the Act ?" 2. Assessing Officer finalized assessment of the respondent-assessee for the A.Y. 2005-06 under Section 143 (3) of the Income Tax Act, 1961 {"Act" for short}. Commissioner of Income-tax, however, in exercise of power under Sec....
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....verifying the books of account of the assessee. 3. Assessee carried the matter in appeal before the Tribunal. Tribunal, by the impugned order dated 19th July 2000, allowed the assessee's appeal. Thereupon, Revenue has approached this Court by way of the present Tax Appeal. 4. Tribunal was of the opinion that while framing the original assessment, the Assessing Officer had carried out full inquir....
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....business activity was made during the year. We also find that the ITO has clearly stated in para (5) that subject to above remarks and based upon the information produced before the undersigned, the total income of the assessee is computed as under. It is further noted that several replies were filed both during assessment proceedings and during the inquiry by the A.O. during revision proceedings.....
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.... order cannot be said to be erroneous on grounds stated by the C.I.T. In view of above, we hold that only for the purpose of making re-enquiries, more so when inquiry report was also obtained by the CIT, the assessment cannot be set aside in the scheme of Section 263 of the Act." 5. We are of the opinion that the Tribunal committed no error. When, during the course of framing of the assessment, t....