2011 (10) TMI 772

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....R PER D. KARUNAKARA RAO, AM: This appeal by the assessee is directed against the order of the Commissioner of Income tax (A)-II, Nashik u/s. 263 of Act dated 30/03/2010 for the assessment year 2003-04. 2. The Grounds of appeal, as raised by the assessee, read as under: 1. On the facts and in circumstances of the case and in law, the learned Commissioner of Income Tax II, Nashik e....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....u/s. 143 (3) of the Act. Subsequently, an audit objection was raised by the revenue audit and then the AO sought clarifications on the said objection which is evident from the document at page no.45 of the paperbook. As per the said letter by the AO, he sought clarification on the issue of additional income of Rs.41,95,490/- which includes excess stock of 2Rs.22,97,843/- vide letter dated 11.08.20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., Learned Counsel for the assessee mentioned that the CIT(A) erroneously assumed the jurisdiction u/s. 263 of the Act. As the Assessing Officer has already applied his mind towards the issue raised by the CIT(A) is consequent to the audit objection. He had also demonstrated the way Assessing Officer was satisfied by explanation given by the assessee on this issue. Further, the Learned Counsel for ....