2009 (8) TMI 18

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.... Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in law in quashing the impugned order under Section 263 of the Income Tax Act, 1961 passed by the Commissioner of Income Tax, Karnal?" 2. The assessee is dealing in manufacturing of fabrics for export. Assessment was made under Section 143(3) of the Act and thereafter order of ratification under Section 154 of the Act was passed. The CIT(A) in exercise of its power under Section 263 of the Act, cancelled the order of assessment and directed making of assessment de novo. On appeal, the Tribunal held that CIT(A) was not justified in invoking its jurisdiction under Section 263 of the Act, as the Assessing Officer had duly applied his mind, made inquiries ....

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....page 79 of the paper-book.  It was pointed out by the learned counsel for the assessee that at Serial No. 21 in place of Kansnite Capital Services, it should have been Kinetic Capital Services and that this mistake was typographical one. The assessee has filed confirmation from Kinetic Capital Services Ltd. Regarding share application money of Rs.5 lacks before the AO. With the confirmation the assessee also filed copy of acknowledgment for filing of the return by Kinetic Capital Services Ltd. Similarly, the assessee filed copy of letter confirmation from other Share applicants along with the copy of Acknowledge for filing return and copies of bank statements etc. After going through this material, the AO was satisfied and therefore, h....