2011 (6) TMI 862

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....K. Jasani, Advocate for the respondent 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 Ass....

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.... order was passed under Section 143(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 deno....

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....hrough the nature of the scheme of joint venture partnership and came to the conclusion that as per the joint venture agreement, the Canadian company had paid the goodwill amount. The Tribunal has recorded a finding of fact that the Assessing Officer had examined the Books of Accounts, the mode of receipt and accounting treatment of the payments. The Tribunal accordingly held that the decision of ....