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TMI Blog2009 (8) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... rred by the Revenue under Section 260A of the Income Tax Act, 1961 (for short,"the Act") against the order of the Income Tax Appellate Tribunal, Delhi Bench 'C' Delhi passed in ITA No. 43/Del/2006 dated 31.7.2007 for the assessment year 2001-02, proposing to raise the following substantial question of law: " Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Commissioner relates to the share application money. The Commissioner has found that the share capital has been increased during the assessment order on account of share application money from various parties. He has, therefore, held the order to be erroneous and prejudicial to the revenue by observing that the assessee has failed to produce the share holders along with their bank stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and is available at page 77 of the paper-book. The assessee also filed the details of share application money as on 31.3.2001 which are available at page 79 of the paper-book. It was pointed out by the learned counsel for the assessee that at Serial No. 21 in place of Kansnite Capital Services, it should have been Kinetic Capital Services and that this mistake was typographical one. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecured loan from Shri Pramod Khurana is concerned, on this issue the assessee has filed copies of account of Shri Pramod Kumar Khurana as mentioned in the reply dated 24.2.2003 available at pages 77-78 of the paper-book. Copy of acknowledgment of Income- tax Return of Shri Pramod Khurana is available at pages 80-90 of the paper-book which shows that the proper query has been made by the AO in orig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exercised under Section 263 was fully justified. 5. From the finding of the Tribunal, it is clear that the assessee had given proper explanation by filing the necessary confirmations. In view of such a finding, the Tribunal rightly held that power under Section 263 of the Act could be exercised where view taken by an Assessing Officer was erroneous. While exercising such power, the Commissioner w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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