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2015 (8) TMI 854 - ALLAHABAD HIGH COURT

2015 (8) TMI 854 - ALLAHABAD HIGH COURT - TMI - Revision u/s 263 - as per CIT(A) proper inquiry should be made with regard to the charging of excise duty which could have impacted the drastic decrease in the rate of gross profit and net profit as compared to earlier assessment years - ITAT set aside revision order - Held that:- We are of the opinion that Section 263 of the Act, cannot be exercised by the authority in the instant case. We are of the opinion that once an inquiry has been made and .....

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ck of inquiry and inadequate inquiry. See Commissioner of Income Tax v. Sunbeam Auto Ltd. (2009 (9) TMI 633 - Delhi High Court) and CIT v. Vikas Polymers (2010 (8) TMI 745 - Delhi High Court) - Decided in favour of assessee. - Income Tax Appeal No. - 169 of 2015 - Dated:- 11-8-2015 - Hon'ble Tarun Agarwala And Hon'ble Surya Prakash Kesarwani,JJ. For the Appellant : Ashok Kumar,Sr.S.C. For the Respondent : Ashish Bansal ORDER Heard Sri Ashok Kumar, learned counsel for the appellant and Sr .....

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fter, a notice under Section 142(1) was issued along with questionnaire requiring the assessee to furnish the trading results of the last three years. The questionnaire also required the appellant to indicate the reasons as to why there was a huge downfall in gross profit as well as in gross profit rate percentage and why there was a huge increase in the total turnover as compared to the preceding year in both the units. The assessing Officer after considering the matter in detail and after exam .....

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assessee's business, no adverse inference could be drawn and the trading results could not be disturbed. It transpires that the Commissioner of Income Tax passed an order under Section 263 of the Act holding that the order of the assessing officer was pre-judicial to the interest of the revenue and accordingly remanded the matter to the Assessing Officer to pass a fresh assessment order. The Commissioner of Income Tax, while noticing that the assessee's case was processed under scrutiny .....

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