ROHIT RANJAN AGARWAL,J. - (1.) This appeal under Section 260 A of the Income Tax Act, 1961 (hereinafter called as 'Act') has been filed assailing the order passed by the Income Tax Appellate Tribunal, Delhi Bench "E" New Delhi dated 02.04.2013 and Revisional order dated 09.02.2012, passed by Commissioner of Income Tax, Meerut, under Section 263 of the Act.
(2.) The appeal was admitted on 06.09.2013 on the following questions of law:- "I. Whether on the facts and circumstances of the case the ITAT rightly held that the Commissioner of Income Tax, Meerut has correctly assumed jurisdiction under Section 263, in revising the assessment order dated 15.12.2009 passed under Section 143(3) of the Act for A.Y. 2007-08? II. Whether the ITAT is right in upholding the order of CIT passed under Section 263 which has been passed without controverting the appellant's explanation/submissions dated 15.10.2009, 05.11.2009 and 04.12.2009 before the A.O. In compliance of his queries in relation to verification of loan creditors and trade creditors?"
(3.) The case relates to the assessment year 2007-2008. The assessee filed return of income on 31.10.2007 declaring income of Rs. 10,59,560/-. The said return was processed under Section 143(1) of the Act. Case of the assessee was selected for scrutiny and notice under Section 143(2) of the Act was issued by the Assessing Officer on 26.09.2008, further notice under Section 142(1), dated 25.03.2009, along with questionnaire raising 28 queries was issued and served on the assessee. The assessee on 15.10.2009 filed his replies to the queries raised in notice dated 25.03.2009. It appears that Assessing Officer further required the assessee to furnish explanation, which was submitted by the assessee in form of written submission on 05.11.2009. On 15.12.2009, order under Section 143(2) of the Act was passed by the Assessing Officer, accepting the return of income of Rs.10,59,560/-.;