CIT Vs. GULMOHAR FINANCE LTD

JUDGEMENT

(1.) The revenue is aggrieved by an order dated 28-2-2006 passed by the Income Tax Appellate Tribunal, Delhi Bench D New Delhi (The Tribunal ) in ITA No. 251 l/Del/2005 relevant for the assessment year 2001-02.

(2.) The assessee had filed its returns, which were accepted by the assessing officer.

(3.) The Commissioner of Income Tax (CIT) was of the opinion that the order passed by the assessing officer was erroneous and prejudicial to the interests of the revenue and he, therefore, issued a notice under Section 263 of the Income Tax Act, 1961 ("the Act") to the assessee. This notice reads as follows: