2015 (11) TMI 267

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.... provisions of Section 263 of the Income-tax Act, 1961 and passing the Order dated 25.03.2013. The Order passed and various directions given are bad in law, arbitrary, erroneous, illegal and unwarranted in view of the facts and circumstances of the case and the material on record. The order, therefore, deserves to be quashed." 3. Learned counsel for the assessee submitted that this is an appeal against the order of learned CIT passed u/s 263 of the Incometax Act, 1961. He submitted that the learned CIT has exercised his jurisdiction u/s 263 of the Act with regard to three issues recorded in paragraph 6 of the impugned order, which is reproduced hereunder:- "6. Accordingly, notice under section 263 of the Incometax Act, 1961 was ....

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....ng income tax assessees and copy thereof has been filed at pages 64 to 93 of the compilation filed by the assessee. He submitted that there was some mistake regarding the account of M/s Jyotika Electric Corporation, Meerut and the same was reconciled and a reconciliation statement was filed along with copy of account and copy thereof has been filed in the compilation before the Tribunal. With regard to the share application money of Rs. 52.48 lakhs, he submitted that the amount had been taken wrongly by the learned CIT as it pertained to the earlier years and was opening balance as on 01.04.2007 and the addition during the year was only Rs. 2.53 lakhs for which necessary evidence was filed. He referred to the relevant details filed in the c....

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....ssessee in the compilation before the Tribunal and are of the view that proper enquiry has been made by the Assessing Officer and, therefore, there is no basis for the learned CIT to conclude that the order of the Assessing Officer was erroneous or prejudicial to the interests of the Revenue. With regard to the issue of share application money, we find that the amount of Rs. 52,48,000/- taken by the CIT is a clear mistake and it represents the opening balance as on 01.04.2007 and, in fact, the addition during the year was of Rs. 2.53 lakhs. The assessee has filed the required details and the order of the learned CIT itself is erroneous on this issue. In these facts of the case, we hold that the learned CIT was not justified in invoking the ....