Sunray Cotspin (P.) Ltd. v. PCIT (2020) 79 ITR 193 ( Delhi ) (Trib)

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Share application money – Share premium- Merely because assessment order silent, order could not be considered as erroneous and prejudicial to Interests of revenue – Revision order was quashed . [ 56(2)(vii)(b), 68, 143(3] ]

Tribunal held that there was a specific query from the Assessing Officer to which a specific reply along with supporting documents was submitted by the assessee during the course of scrutiny assessment proceedings itself. The assessment was framed after detailed enquiries and verification and merely because the assessment order was silent, the order could not be considered as erroneous and prejudicial to the interests of the Revenue.( AY.2014-15)