2017 (2) TMI 1102

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....n, Krishan Agrawal ORDER Heard Sri Piyush Agrawal, learned Counsel for the department and Sri Amit Mahajan, learned Counsel for the assessee. This is a department's appeal under Section 260A of the Income Tax Act, 1961 against an order of the Tribunal dated 12.09.2008 for the assessment year 2003-04. The questions of law sought to be answered are hereunder:- "(1) Whether on t....

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....ITR 71 has held the assessment completed without enquiries was erroneous as well as prejudicial to the interest of revenue ? (3) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that assessment order was not erroneous and prejudicial to the interest of revenue if the A.O. accepted the argument of the assessee that no valuation of build....

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....ent proceedings ? (6) Whether after recording finding that the order of the Assessing Officer was justified in exercise of powers under Section 263 of the Income Tax Act, the Tribunal was justified in proceeding with the assessment by entering into the details of the assessee?" The facts of the case are that the assessee firm carries on the business of manufacturing of glass and glass ....

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....t which the assessee firm was aggrieved and filed an appeal before the ITAT. The ITAT has examined the every aspect of the matter and has set aside the order passed under Section 263 of the Act after recording categorically in paragraphs no.14 & 15 of its judgement that full and proper enquiries were made in the case of the assessee. The proper verifications have been made and also has noted th....