Allowing the appeal of the assessee the Tribunal held that ,CIT has not given any finding that assessee’s unaccounted money routed through circuitous manner.Assessment order accepting share capital/share premium is not prejudicial to interests of revenue Tribunal also held that no Adverse finding or comment by Commissioner as why work-in-progress shown by assessee at nil is not correct or requires further inquiry or verification . Accordingly the revision was held to be not valid ( AY. 2014-15)
Vidya Prakashan Mandir P. Ltd. v. CIT (2018) 65 ITR 26/ 165 DTR 153 / 194 TTJ 868(Delhi) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Share application money -No finding that assessee’s unaccounted money routed through circuitous manner — Assessment order accepting share capital/share premium is not prejudicial to interests of revenue — No Adverse finding or comment by Commissioner as why work-in-progress shown by assessee at nil is not correct or requires further inquiry or verification — Revision was held to be not valid [ S.68 , 145 ]