2016 (8) TMI 105

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....NOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue has challenged judgement of the Income Tax Appellate Tribunal dated 19.02.2016 raising following question for our consideration: "Whether the Appellate Tribunal has substantially erred in quashing the order of revision passed by Commissioner of Income Tax u/s. 263 of the Act, though AO failed to make detailed inquiry with respect to issue of capit....

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....g benefit of permissible deductions considering the sale proceed of Rs. 1.60 crores accruing to the assessee. 4. This order was taken in revision by the Commissioner in exercise of powers under Section 263 of the Act. The Commissioner was of the opinion that the Assessing Officer did not carry out proper inquiries and accepted the version of the assessee that Genus Commu Trade Pvt Ltd. had rece....

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....copy of purchase and sale deed of plot No. 113/2/2. Q.7 Furnish working of capital gain. Q.8. Furnish breakup of investment of Rs. 1,49,45,664/- reflected in the balance sheet." 6. To these queries, the assessee had supplied following answers: "6. Copy of purchase and sale deed of plot No. 113/2/2 is enclosed hereiwth. 7. Working of capital gain is as per return of income. 8. As ....

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....roper inquiries, particularly, with respect to the interest of the said Genus Commu Trade Pvt Ltd., who claimed to have derived certain rights under an unregistered sale deed. The CIT (Appeals) therefore, correctly directed further inquiries by the Assessing Officer. In this context counsel relied on the decision of Delhi High Court in case of Gee Vee Enterprises vs. Additional Commisioner of Inco....