2017 (4) TMI 66

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.... Manish Misra For the Respondent : Pradeep Agrawal ORDER 1. Heard learned counsel for appellant and perused the record. 2. This appeal filed under Section 260A of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") has arisen from judgment and order dated 20.02.2015 passed by Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as "Tribunal") in Inco....

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.... not recorded anything in his order. (iii) Whether the Tribunal is justified under the facts and circumstances of the case in setting aside the order of CIT under Section 263 without appreciating that the assessing officer being a quasi-judicial authority has to pass a reasoned order on each issue and the application of mind on the issue must be reflected from the assessment order. 4. ....

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....tingent liability and in future money could have been refunded in case of incomplete supply or cancellation of order or missing of any article etc. However, it is evident from record that aforesaid money was received by Assessee in furtherance of his trading activities for supply, and, therefore, has to be shown as income in the year in which it was received. Mere fact that there may be a continge....

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....it card payment, CIT has observed that no enquiry was made by AO as to whether entire amount was business expenses or personal expenses. Tribunal on the contrary has observed very categorically that AO has made a proper enquiry with respect to debit entry of Rs. 27,75,722/-. The finding recorded by Tribunal, therefore, is a finding of fact with regard to enquiry and even otherwise, we find that CI....