2019 (1) TMI 1211

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.... Mr. P.C. Tripathi i/by Mr. Atul Jasani for the Respondent.   AKIL KURESHI AND   P.C.: 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 28th October, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This Appeal relates to Assessment Year 2010-11. 2. The Revenue urges the following question of law for our consi....

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....ineness of the persons who had invested in the share capital bearing in mind the high premium of Rs. 490/per share having face value of Rs. 10/per share. Accordingly, the CIT by her order dated 27th February, 2015 set aside the assessment order dated 3rd January, 2013 and restored the assessment to the Assessing Officer for passing a fresh order after due application of mind.   5. Being....

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....Officer explaining in detail about the high share premium and huge closing stock issue. This being evidence of due application of mind by the Assessing Officer rendering the order dated 27th February, 2015 of the CIT bad as the Assessment Order dated 3rd July, 2013 was not erroneous. This on application of the decision of this Court in CIT Vs. Gabrial (I) Ltd. 203 ITR 108. 6. Mr. Kotangle, lear....

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....e Tax. Infact this itself is an evidence of application of mind of the Assessing Officer, followed by notice to the respondent and verification of the response of the respondent. The aforesaid facts while exercising the powers of revision has been completely ignored the CIT. The impugned order of the Tribunal correctly held following the decision of this Court in Gabrial (I) Ltd.(supra) that the A....