2015 (6) TMI 101

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.... For the Respondent : Mr. S.K.Mukhi, Adv. JUDGMENT S. J. Vazifdar, Acting Chief Justice This is an appeal against the order of the Income Tax Appellate Tribunal allowing the respondent's appeal against the order of the Commissioner of Income Tax (Appeals) passed under Section 263 of the Income Tax Act, 1961 (for short 'the Act') for the assessment year 2004-05. The appellant contends t....

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....3. On 13.08.2007, the respondent filed an appeal against the above order of assessment dated 03.07.2007. The Commissioner of Income Tax (Appeals) dealt with in detail the respondent's case regarding payment of interest to its partners. By an order dated 02.01.2012, C.I.T. (A) noted that under Clause 17 of the partnership-deed, the partners were entitled to receive from the firm the interest @ 12% ....

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....er had failed to make necessary enquiries and to consider the matter in its correct perspective. On 25.01.2010, a notice to show-cause was issued in respect of the proceedings under section 263 of the Act. By an order dated 12.03.2010, C.I.T. passed an order in the proceedings under section 263 of the Act. The C.I.T. set-aside the assessment order dated 03.07.2007 and directed the Assessing Office....

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....A) had allowed the respondent's appeal against the order of assessment dated 03.07.2007 and this order has attained finality. It has admittedly not been challenged by the respondent. 8. In view of the fact that the order dated 02.01.2012 has attained finality, it would in any event not be possible to proceed any further in the parallel proceedings under section 263 of the Act. The observations ....