2026 (3) TMI 1026

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....passed by the Income Tax Appellate Tribunal, Jabalpur (for short "ITAT") in ITA No.102/JAB/2002 [M/s.Khalsa Wine Traders Vs. JCIT (Asstt.)] in respect of assessment year 1997-98. Facts of the case, in short, are as follows:- 2. The respondent/assessee was engaged in the business of country liquor and Indian made foreign liquor. The respondent/assessee submitted its ITR return declaring its income of Rs. 18,09,270/- on 11.2.1998. The firm was called upon to furnish the Tax Audit Report alongwith Trading, Profit & Loss Account and Balance Sheet. The return of income was processed under section 143(1)(a) of the Income Tax Act on 24.2.1998, followed by issuance of notice under sections 143(2) & 142(1) of the Income Tax Act. In response to....

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....n the facts and circumstances of the case, the Tribunal was justified in setting aside the order of CIT (Appeals) passed under section 263 of the Income Tax Act, 1961, more so, when there was ample material to arrive at the conclusion which has been arrived at by the competent authority under the statute?" 6. Learned counsel for the appellant submitted that the learned ITAT has restricted the scope for interference with the order of the Commissioner of Income Tax, without properly appreciating and discussing the considerations made by the record of the CIT. Section 263 of the Income Tax Act gives wide power to the Commissioner of Income Tax to set aside, enhance, modify or cancel the order of assessment and direct the making fresh assess....

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....7.3.2002 and remanded the matter back. Thereafter, an appeal was preferred, which remained pending and was finally decided, in which the order of remand passed by the CIT has been quashed. Thereafter, the instant appeal was filed in the year 2003. Since then, it has been pending before this Court i.e., for a period of more than 28 years, since the date of passing of the assessment order. If this appeal is allowed, then the entire proceeding under section 143A of the Income Tax Act would be initiated afresh in respect of the assessment year 1997-98. Income Tax laws have undergone a profound change. There is no finding recorded by the CIT. The satisfaction recorded by the Assessing Officer was liable to be taken as prejudiced to the revenue, ....