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2012 (3) TMI 323 - HC - Income TaxCondonation of delay - Revision u/s 263 - dividend stripping - Commissioner of Income Tax noticed that the two transactions were accepted by the Assessing Officer without verification about the genuineness, nature and purpose of the transaction and without obtaining necessary details - Held that: it has been held that order of the Assessing Officer cannot be treated as erroneous and therefore revisable under Section 263 of the Act, as Section 94(7) relating to dividend stripping became a part of the statute and is applicable from Assessment Year 2002-03 onwards and is not applicable to earlier assessment years - The purchase and sale of units by the Assessee was undoubtedly bona fide and this was accepted by the Assessing Officer - Decided in favor of the assessee Regarding failure of the Assessing Officer to invoke Section 40A (2)(b) in respect of Rs.2,37,500/- paid to Rajesh Mehta, CA, who is also a director of the respondent-assessee - Tribunal has observed and held that the Commissioner of Income Tax had recorded an entirely incorrect finding - It is not pointed out and shown to us how and why the finding recorded by the Tribunal is factually incorrect or perverse - Decided in favor of the assessee
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