2015 (4) TMI 11

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....ka Suri, Sr. Adv. & Ms Rajni Paul, Adv. ORDER S. J. Vazifdar, Acting Chief Justice (Oral): This is an appeal against the order of the Income Tax Appellate Tribunal (for short, the 'ITAT') dated 23.08.2013, allowing the appeal of the respondent/assessee, against the order of the Commissioner of Income Tax (for short, the 'CIT'), under Section 263 of the Income Tax Act, 1961....

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...., the CIT held that the assessment order was erroneous and prejudicial to the interest of the Revenue in as much as the unproved, unsecured loans, sundry creditors, expenses have been accepted and the income had been under-assessed to that extent. The assessment order was, therefore, cancelled under Section 263(1) of the Act and the Assessing Officer was directed to reconfirm the assessment afresh....

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....nt fall in the gross profit cannot lead to the conclusion that the assessment order was erroneous. As far as the loan and security in respect thereof was concerned, the ITAT noted that the certificate from the Bank was on record. The Bank statement was also produced by the respondent before the Assessing Officer and before the CIT. Based on the material produced, the ITAT noted that merely beca....