2012 (4) TMI 634

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....ribunal, Bangalore Bench in ITA No.662/2008 and ITA No.663/2008 for the assessment year 2003-04 and 2004-05. 2. The respondent assessee was the appellate before the Income Tax Appellate Tribunal challenging the legality and correctness of the order passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act. 3. Though substantial questions of law were framed at the time of admission, during the cours4e of arguments, it is brought to our notice that there is a need for re-framing the questions of law. Accordingly, we reframe the substantial question of law that would arise for consideration in these two appeals. Whether the interpretation of the Tribunal in regard to Section 263(1) of Income Tax Act is just and ....

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....be a ground to exercise powers by the Commissioner of Income Tax under section 263 of the Act. Accordingly, the appeals were allowed. This order is called in question in these appeals by the revenue. 5. The learned counsel for the appellant Mr. Raviraj submits that the Tribunal did not consider the several irregularities noticed by the Commissioner of Income Tax, which were relevant for the purpose of completion of assessment order. Without considering these things erroneously the appeals were allowed by setting aside the order of the Commissioner of Income Tax. According to him, the order of the Tribunal is erroneous and liable to be set aside. 6. Per contra, the learned counsel for the respondent-assessee Mr. Sukumar submits that wh....