2019 (7) TMI 1193

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.... Respondents Through: Mr. Kislaya Parashar, Mrs. Mekhala Benny and Miss Umang Luthra Advocates. O R D E R C.M.No.32666/2019 (Delay) 1. For the reasons explained in the application, the delay of 10 days in refiling the appeal is condoned. The application is allowed. ITA No.677/2019 2. This is an appeal filed by the Revenue against an order dated 29th November, 2018 passed by the In....

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....nd notice under Section 143(2) was duly served upon the Assessee. On 9th July, 2015, the AO issued a notice under Section 143(1) of the Act enclosing therewith a questionnaire. After considering the replies of the Assessee, the assessment order was passed on 30th March, 2016 assessing the income of the Assessee at Rs. 6,34,66,350/-. 5. The CIT decided to invoke the power under Section 263 of th....

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....ut looking into the audit report of the Assessee accepted the valuation, and further held that on account of the lack of inquiry "the assessment order was erroneous and prejudicial to the interest" of the Revenue. 6. The above order was assailed by the Assessee before the ITAT. In the impugned order, while agreeing with the Assessee that the exercise of jurisdiction under Section 263 of the Act....

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.... again examined the impugned order of the CIT in the light of the original assessment order of the AO. The ITAT was not persuaded to accept the plea of the Revenue that there had been a failure on the part of the AO to conduct a proper inquiry into the question of difference in the valuation of the stock and that the case fell within the parameters for interjection under Section 263 of the Act as ....