COMMISSIONER OF INCOME TAX Vs. KAMAL GALANI

JUDGEMENT

(1.) This appeal was admitted for consideration of following substantial question of law:

(2.) Briefly stated the facts are as under:

(3.) The Commissioner of Income Tax was, however, prima facie of the opinion that to the extent, the Assessing Officer failed to make the additions on these two issues, the order of assessment was erroneous and prejudicial to the interest of the Revenue. He, therefore, issued a notice seeking to take the order of assessment in revision in exercise of powers under section 263 of the Income Tax Act, 1961 ['the Act' for short]. The assessee strongly opposed such proceedings and mainly canvassed that the Assessing Officer had carried out detailed inquiries during which, the assessee had produced reliable and cogent evidence. It was only after such inquiry that the Assessing Officer had accepted the stand of the assessee. The order passed by the Assessing Officer cannot be stated to be either erroneous or prejudicial to the interest of the Revenue.