2018 (6) TMI 554

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....ajan Counsel for Respondent :- R.R. Agarwal,Rishi Raj Kapoor JUDGEMENT: Heard Shri Gaurav Mahajan, learned counsel for the appellant and Shri R.R. Kapoor, learned counsel for the respondent-assessee. This appeal under Section 260-A of the Income Tax, 1961(hereinafter referred to as the 'Act') has been filed by the department against the order of the Income Tax Appellate Tribuna....

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....sed by the CIT under Section 263 of the Act because four grounds were raised by the CIT, which have not been explained by the department by the A.O.'s order and by the Tribunal. The grounds reads as hereunder" "(i) From the records, it is seen that the assesse had disclosed export incentive in the form of duty draw back amounting to Rs. 1,31,15,713/- on total export turnover of Rs. 52,93,21....

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....not been inquired into the Asseessing Officer. (iii) An expenditure of Rs. 2,11,896/- was claimed on 27.3.2004 for purcahse of foreign currency in respect of travelling of one of the partner of the firm Mr. Ajit N. Kaisi. The AO has not made any inquiry about the consumption of foreign exchange in the year under consideration particularly when the foreign currency was purcahsed at the fag end o....

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.... while discussing the matter at length has recorded that after examining the entire record he found that there was nothing erroneous in the order passed by the A.O. and also that no prejudiced has been caused to the revenue. The Tribunal, therefore, while relying on a decision of the Apex Court in the case of Malabar Industries Company Limited Vs. CIT reported in (2000) 243 ITR 83(SC) has come ....