2017 (8) TMI 1698

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....: 1] The appeal pertains to Assessment Year 2006-07. 2] The order under Section 263 of the Income Tax Act, 1961 (for short "the Act") has been set aside by the Tribunal. 3] Mr.Suresh Kumar, the learned counsel for the Appellant submits that the CIT had validly exercised its powers under Section 263 of the Act. The CIT had set aside the order under Section 143(3) of the Act as it was erroneous a....

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....d order. 5] Initially the Assessment was done under Section 143(3) of the Act. Before passing the Assessment order the Assessee was called by the Assessing Officer seeking the details. The examination was done by the Assessing Officer relating to sale and transactions of purchase shares entered into by the Assessee. Explanation was called from the Assessee. The Assessee submitted explanation alon....