TaxTMI 
TaxTMI 
2022 (2) TMI 397
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.... the appellant Mr. Avra Mazumder, Adv...for the respondent The Court : We have heard Mr. Asok Bhowmik, learned standing counsel for the appellant/revenue and Mr. Mazumder, learned Counsel appearing for the respondent/assessee. There is a delay of 299 days in filing this appeal. We are satisfied with the reasons given in the affidavit filed in support of the condonation of delay petition. The de....
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....order of Learned Income Tax Appellate Tribunal erred in forming the opinion based on the date of issue of notice u/s 143(2) of the Income Tax Act, 1961 on 24.02.2016 instead of actual issuing date on 31.03.2016 and invalidating the said notice and assessment order? We have heard Mr. Asok Bhowmick, learned Standing counsel for the appellant/revenue, Mr. Mazumder, for respondent/assessee. The shor....
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....oceedings u/s 263 of the Act, are the same and based on the same material. The allegation in this show-cause notice issued u/s 263 of the Act, is that the Assessing Officer has failed to examine and that no enquiry was conducted into the veracity of the loans by the Assessing Officer, is factually incorrect. It is well settled that inadequate enquiry cannot be a ground for exercising of revisionar....
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....es were in fact made by the Assessing Officer." Furthermore, the Tribunal rightly took note of the law laid down by the Hon'ble Supreme Court in Malabar Industrial Company Ltd. Vs. CIT; (2000) 109 TAXMAN P.66 and allowed the appeal filed by the assessee. In the said decision the Hon'ble Supreme Court pointed out that the phrase "prejudicial to the interest of revenue" occurring in Section 263 of ....