Revision under section 263 ::
Court :
HC
Brief :
Held by the Hon`ble Court that, an order cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the A.O. is unsustainable in law. Therefore exercise power under section 263 is not justified in law.
Citation :
C.I.T. Vs. Mepco Industries Ltd.
Revision under section 263
C.I.T. Vs. Mepco Industries Ltd. 11/02/2006
[2007] 294 ITR 121 (Mad)
Case Fact:
Whether, where two views are possible and commissioner does not agree with A.O.`s view, exercise power under section 263 is justified in law
Decision:
Held by the Hon`ble Court that, an order cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the A.O. is unsustainable in law. Therefore exercise power under section 263 is not justified in law.
CA.Saibaburao Nanduri
Published in Income Tax
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