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2015 (6) TMI 1241 - AT - Income TaxRevision u/s 263 - CIT set aside the assessment only for limited purpose of arriving at correct taxable income from financing business of the assessee - HELD THAT:- CIT has not set aside the entire assessment for doing afresh the additions/disallowances made thereon. Thus, the contention of the assessee that appeal should have been treated as infructuous is not correct. This ground of appeal is rejected. Assessment u/s 144 - assessee submits that assessment was completed under section 144 of the Act without giving sufficient opportunity - Commissioner of Income Tax (Appeals) partly allowed the appeal of the assessee by recomputing the income at ₹ 54,84,356/-. Commissioner of Income Tax (Appeals) deleted being mistake in calculation of loss as income in respect of Insight Share Brokers Ltd., mistaken calculation of M/s. Share Khan Pvt. Ltd. and finally on account of closing balance - On going through the orders of lower authorities, we are of the considered view that the additions/disallowances made by the Assessing Officer have been partly confirmed by the CIT(Appeals) without properly going into the submissions and merits of the explanation of the assessee and evidences available on record. Thus, we restore the issue to the file of the Assessing Officer for considering the issue afresh in accordance with law by providing adequate opportunity to the assessee. The assessee shall provide necessary details and cooperate with the proceedings for completion of assessment. In the case of assessee’s wife Smt.N.Pappi the additions made and penalty levied based on the findings in the case of the assessee Mr. A.Natarajan. Since the issues in the case of Mr. A.Natarajan have been remitted to the file of the AO for fresh consideration, we are inclined to set aside the issues in the case of Smt. N.Pappi also to the file of the AO who shall consider the issues afresh in accordance with law after providing adequate opportunity to the assessee. Penalty orders under section 271(1)(c) of the Act in both the assessee's cases are also set aside to the file of the Assessing Officer and the Assessing Officer is free to redo the penalty proceedings after passing consequential orders. Appeals of the assessees are partly allowed for statistical purposes.
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