2013 (4) TMI 454

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....: Mr. P. J. Pardiwala, Sr. Advo with Mr. S. G. Lakhani, JUDGEMENT:- Although several questions have been raised in the memo of appeal for Assessment Years 2000-01 and 2001-02, the basic controversy between the parties is : Whether in the facts and circumstances of the case, the Tribunal was justified in setting aside the order passed under Section 263 of the Income Tax Act, 1961 by the Co....

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.... dated 31st December, 2007 on the basis of the statement made during the course of search that the refunds were bogus as the amounts withdrawn from banks were not refunded to its customers. 4. On appeal, the Tribunal by the impugned order held that the exercise of jurisdiction under Section 263 of the Act by the Commissioner of Income Tax was not proper. This was the on ground that after consid....

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.... In fact,the impugned order records the fact that save for the subject assessment years i.e. 2000-01 and 2001-02, the Respondent-Assessee had for the Assessment Years 2003-04, 2004-05 and 2005-06, claimed these bogus refunds as expenditure to arrive at the taxable income, and in such cases, the Revenue had added the bogus refund claimed as expenditure, to the income of the Respondent-Assessee and ....