2011 (6) TMI 862

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....pondent JUDGEMENT Whether the ITAT was justified in setting aside the order passed by the CIT under Section 263 of the Income Tax Act, 1961 is the question raised in this Appeal. 2. The assessee company is a NonBanking Finance Company and is engaged in the business of asset financing, merchant banking and other financial related activities. M/s. Sun Life Assurance Company of Canada approached....

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....43(3) read with Section 144 of the Income Tax Act, wherein, the long term capital gains offered by the assessee was accepted and the assessment was completed accordingly. Thereafter, the Commissioner of Income Tax invoked the provisions under Section 263 of the Income Tax Act, 1961 and by the impugned order directed the Assessing Officer to redo the assessment denovo after carrying out requisite e....