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2011 (3) TMI 230 - ITAT CHENNAIRevision - The Assessing Officer has considered the decision in the case of Goetze India Ltd. (2006 -TMI - 5171 - SUPREME Court) and his duty is to assess the correct income - He has come to the conclusion that in the assessee's case, there is no new item of income or expenditure and correct computation of income from the set of transaction can be done in two ways - Held that: - when two views are possible on a subject and the Assessing Officer has adopted one of the views and after deliberating on the facts, the ld. CIT cannot impose his views and direct action under section 263 of the Act. - revisionary proceedings cancelled.
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