TaxTMI 
TaxTMI 
2015 (1) TMI 1240
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....half of the assessee and Shri Vijay Kumar, CIT, D.R., represented on behalf of the Revenue. 3. At the time of hearing, it was submitted by the ld. A.R. that the assessee is an individual, who had purchased shares in a Private Limited Company, namely M/s. Incents Consultants Private Limited during the assessment year 2003-04. It was the submission that the assessee had purchased 71,000 shares @ Rs. 2/- per share. It was the submission that during the assessment year 2008-09, the assessee had sold the same at a price of Rs. 35/- per share. It was the submission that consequently the assessee had earned capital gains of nearly Rs. 23,05,611/-. It was the submission that the assessee had made investments in REC Bonds to an extent of Rs. 23,0....
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.... was also available with the assessee representing the printed accounts of assessee had been verified and no defect had been pointed out in the course of assessment and the assessment was completed accepting the returned income. Ld. A.R. drew our attention to pages 41 to 68 of the paper book, which were the evidences produced before the Assessing Officer. It was the further submission by the ld. A.R. that in the ordersheet noting of the Assessing oofficer also categorically showed the various examination and details called for by the Assessing Officer. Ld. A.R. drew our attention to page 13 of the paper book, which was the copy of the order-sheet notings. It was the submission that subsequently the ld. CIT had invoked his power under sec....
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....g Officer to re-frame the same de novo by conducting necessary enquiries. It was the submission that all the details having been produced before the Assessing Officer and the Assessing Officer having conducted the necessary enquiries and having completed the assessment just on a change of opinion, the powers under section 263 could not be invoked to hold the assessment order as erroneous and prejudicial to the interest of revenue. It was the submission that, in fact, the ld. CIT in his order under section 263 has not pointed out as to the error in the assessment order. The order under section 263 is founded only on presumption and not on the basis of any specific evidences. It was the submission that no specific defect had been found in ....
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.... to 27 being the computation of total income, income & expenditure account, details of the profit on the sale of shares, details of the capital gains, Form No. 16, REC Bonds certified copies, ITNS 280 tax paid challan, notice under sections 143(2), 142, copy of the order-sheet notings in the assessment folder, the details of the source of investment in REC Bonds, the accounts statement with Axis Bank and the confirmation of accounts with various persons are all certified to be true copy by the Office Superintendent, Office of the Additional CIT, Range-25, Kolkata. The Assessing Officer in the assessee's case is Income Tax Officer, Ward-25(1), Kolkata. Further details in the form of bills for the sale of shares, printed accounts of M/s....