TMI Blog1992 (9) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal was correct in law in cancelling the order passed by the Commissioner of Income-tax under section 263 of the Income-tax Act by holding that there is nothing in the aforesaid order to show that the assessment order passed by the Assessing Officer was erroneous and prejudicial to the interests of the Revenue ?" The respondent had at first filed a loss return of Rs. 470-in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d notice under section 263 of the Income-tax Act and, after an opportunity was given to the assessee, she came to the conclusion that the assessment order passed by the Income-tax Officer was prejudicial to the interests of the Revenue and she set aside the order and directed a fresh order to be passed. One of the reasons for invoking the jurisdiction under section 263 was that the Income-tax Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isdiction. We, however, find that the Income-tax Appellate Tribunal has nowhere dealt with the question raised by the Commissioner of Income-tax, namely, that there was no independent verification of confirmations allegedly issued by various shareholders. It is, no doubt, true that it is stated in the order of the Income-tax Appellate Tribunal that inquiries were made from the assessee and replies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The essential difference between the two cases is that, in the present case, the assessee itself did disclose undisclosed income of Rs. 3,43,000 as being income from other sources. It further represented that this amount was offered for being taxed as representing cases of some of the subscribers to the share capital. We, therefore, are of the opinion that Stellar Investment Ltd.'s case [1991] 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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