IN HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 707 OF 2015 Commissioner of Income Tax 23 Appellant V/s. Vinod Kumar Goel HUF Respondent Mr.Suresh Kumar h/f. Mr.Arvind Pinto for Appellant. Dr.K. Shivram a/w. Ms.Neelam C. Jadhav for Respondent. CORAM : S.V. GANGAPURWALA AND A.M. BADAR, JJ. DATE : 2nd AUGUST, 2017. PER COURT : 1] appeal pertains to Assessment Year 2006 07. 2] order under Section 263 of Income Tax Act, 1961 (for short Act ) has been set aside by Tribunal. 3] Mr.Suresh Kumar, learned counsel for Appellant submits that CIT had validly exercised its powers under Section 263 of Act. CIT had set aside order under Section 143(3) of Act as it was erroneous and prejudicial to interest of Revenue. share transactions entered into by Assessee were 1/3 ::: Uploaded on - 04/08/2017 ::: Downloaded on - 07/08/2017 10:50:43 ::: osk 61 itxa 707 2015.odt not genuine, which were proved after thorough investigation by Assessing Officer. same is reflected in order passed under Section 143(3) read with Section 263 of Act. original order passed under Section 143(3) was erroneous and prejudicial to interest of Revenue. Bombay Stock Exchange has categorically stated in reply to notice under Section 133(6) of Act that M/s. DPS Shares and Securities Pvt. Ltd. has not executed any trade on exchange in scrip Praneta Industries Ltd. on 6th April, 2004. This aspect has been considered by CIT while passing order under Section 263 of Act. 4] learned counsel for Respondent supports impugned order. 5] Initially Assessment was done under Section 143(3) of Act. Before passing Assessment order Assessee was called by Assessing Officer seeking details. examination was done by Assessing Officer relating to sale and transactions of purchase shares entered into by Assessee. Explanation was called from Assessee. Assessee submitted explanation along with all details i.e. copy of broker notes for purchase of shares, 2/3 ::: Uploaded on - 04/08/2017 ::: Downloaded on - 07/08/2017 10:50:43 ::: osk 61 itxa 707 2015.odt physical purchase of shares, details of share transactions, copy of account of broker, proof of payment of share purchases of Praneta Industries Ltd., D mat Account and after satisfaction Assessing Officer passed order under Section 143(3) of Act. 6] Tribunal has observed that Assessee had filed proof of purchases in shape of ledger account in name of M/s.DPS Shares and Securities Pvt. Ltd., even copy of physical shares has been submitted on record. All details of transactions are reproduced by Tribunal in order. order certainly cannot be said to be erroneous on part of Assessing Officer. order was passed by Assessing Officer under Section 143(3) of Act, after making necessary inquiries and verifying claim made. 7] Considering above, no error has been committed by Tribunal. No substantial question of law arises. 8] Appeal, as such, is dismissed. No costs. (A.M. BADAR, J.) (S.V. GANGAPURWALA, J.) 3/3 ::: Uploaded on - 04/08/2017 ::: Downloaded on - 07/08/2017 10:50:43 ::: TheCommissionerofIncome-tax-23 v. VinodKumarGoelHUF