2012 (6) TMI 593

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....the Tribunal dated 19th July 2010, raising 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-....

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....ent de novo after making proper inquiry and 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, t....

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.... to the I.T.O. and to the CIT it is noted that no 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 th....

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....e language of the assessment order, the assessment 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. Whe....