2018 (4) TMI 1721

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....ICE AKIL KURESHI) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad Bench dated 31st August 2017 raising following questions of law : [1] "Whether the order of the Appellate Tribunal cancelling the order of CIT under Section 268 of the Act is per verse as it has relied on irrelevant material and ignored relevant material and by assuming wrong fac....

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....cision of PCIT is fortified by the decision of Supreme Court in the case of Malabar Industrial Co. Limited [243 ITR 83] ?" As can be seen from the questions framed, the issue pertains to exercise of power by the Commissioner under Section 263 of the Income-tax Act, 1961 ["the Act" for short] revising the order of the Assessing Officer. Assessee is a developer of real estate and was subjected....

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....the issue before the Tribunal. The Tribunal, by the impugned judgment, reversed the order of Commissioner. In such judgment, the Tribunal observed that in the order of assessment, the Assessing Officer had raised multiple queries calling upon the assessee's response. The Tribunal was of the opinion that the Assessing Officer had carried out detailed inquiries. The Commissioner was incorrect in hol....