2010 (8) TMI 745 - HC - Income Tax

Whether Tribunal was correct in law for holding that the provisions of section 263 of the Income-tax Act have not been rightly invoked in this case for the assessment year 1982-83 - Commissioner of Income-tax served a notice to the assessee stating therein that while completing the assessement the Income-tax Officer did not inquire into the genuineness of the capital investments of the two partners and unsecured loans taken - Held that:- assessee explained that the capital investment made by the partners, which had been called into question by the Commissioner, was duly reflected in the respective assessments of the partners who were income-tax assessees and the unsecured loan taken from M/s. Stutee Chit and Finance (P) Ltd. was duly reflected in the assessment order of the said chit fund which was also an assessee, decision in favour of the assessee and against the Revenue