2014 (9) TMI 53

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....003 for the assessment year 1995-96. 2. On 21.8.2007, I.T.A. No.140 of 2003 was admitted on the following substantial question of law:- "Whether on the facts and in the circumstances of the case the Tribunal is justified in law, in holding that the order passed by the Assessing Officer is neither erroneous nor prejudicial to the interest of revenue in setting aside the order of the CIT u/s 263 of the Act." 3. On 30.4.2009, I.T.A. No.198 of 2004 was admitted by a coordinate Bench of this Court on the following substantial question of law:- "Whether the Tribunal is justified in annulling the Assessment Order passed by the Assessing Officer on 7.03.2003 in pursuance to the order passed by the Commissioner of Income Tax under Sectio....

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.... land from various persons including Sri Sohan Lal and his brothers. As per the lease deed, it appears that these persons were appeared before the A.O. and stated that they have given the land to the assessee company and lease rent is being received by them. 7. After having the land on lease, the company entered into an agreement with M/s Shiva Bhandar for the sale of the agricultural produce, who has sold the produce to the Food Department. Thus, the A.O. has accepted the genuineness of the agricultural income generated by the company. 8. However, on 5.3.2002 C.I.T. has passed an order under Section 263 of the Act and set aside the assessment order passed by the A.O. The C.I.T. has observed in its order that the A.O. will have to exa....