2012 (11) TMI 630

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....filed to issue a writ of Certiorarified Mandamus to quash the impugned order No.C.No.407/06/CIT-I/2011-12 dated 21.02.2012 and direct the respondents to reconsider the revision petition in accordance with law. 2. Heard Mr. S.M.S. Johnny Basha, learned Counsel appearing for the petitioner and Mr. R. Krishnamoorthy, learned Counsel appearing for the respondents. 3. The assessment order was pas....

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....alance sheet at Rs.29,10,000/- (Rupees Twenty Nine Lakhs and Ten Thousand only) towards advance received for the sale of agricultural land was disallowed and taken for assessment as unexplained income of the assessee under Section 68 of the Income Tax Act and the assessment for the year 2003-2004 was determined thereunder. 4. The petitioner, though has a right of appeal to the Commissioner of I....

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.... through the entire gamut of the case and various orders passed by the Assessing Authority and taking note of the factual aspects of the case, in paragraph 6 of the order, declined to interfere with the order of the Assessing Officer dated 16.12.2010 by giving various reasons. The power under Section 264 of the Income Tax Act, 1961, is exercised by the authority for granting any relief if there is....