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TMI Blog2024 (8) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... lant Mr. Abhratosh Majumdar, Sr. Adv. Mr. Avra Mazumder, Adv. Ms. Alisha Das, Adv. Mr. Suman Bhowmik, Adv. Mr. Kausheyo Roy, Adv. ...for respondent ORDER The Court :- We have heard Mr. Smita Das De, Mr. Prithu Dudhoria, learned Counsel for the appellant and Mr. Abhratosh Majumder, learned standing Counsel for the respondent. It appears that there is a delay of 16 days in filing the appeal. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was justified in law to quash order u/s 263 of the Act without considering the fact that before passing order u/s 263 of the Act, the assessee was issued show cause notice and provided with sufficient opportunities to explain, as to why remedial action under section 263 should not be taken in in its case but the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated 2.12.2015 the assessing officer commenced his scrutiny proceedings. The manner in which such scrutiny was done was taken note of the Tribunal. Further The Tribunal noted the assessing officer also called for the details of the share application money received during the year by the letter dated 6.5.2016 and also to the reply given by the assessee wherein full details were provided about ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to interfere with the order passed by the learned Tribunal. Before parting we would like to observe that the understanding of the legal position by the Principal Commissioner of Income Tax , Kolkata -IV in his order dated 12.3.2019 in particular in paragraph 4.4 is incorrect. It has been observed that any order passed subsequent to the order under Section 263 must be in favour of the revenue. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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