2016 (6) TMI 1377

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....TICE AKIL KURESHI) 1. Leave to amend the question framed by the Revenue. 2. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal raising following question for our consideration. [A] "Whether in the facts and circumstances of the case, the order of ITAT is perverse, in quashing the order of CIT u/s 263 of the Act, without appreciating the fact that while pa....

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.... of the share application transactions. The Tribunal in impugned judgment upon perusal of the record, particularly of the assessment proceedings held that the Assessing Officer had in fact, made inquiries with these 11 applicants also. The Tribunal held that even the Commissioner did not dispute this fact. The Tribunal was therefore of the opinion that this was not a case where it can be said that....