Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 806 - AT - Income TaxRevision u/s 263 - 100% EOU - Claim of exemption made u/s 10B instead of 10A due to inadvertence – CIT observed that, assessee had not obtained statutory approval from the Board appointed in that behalf by the Central Government as required under S.14 of the Industries (Development and Regulation) Act, 1951 for claiming status of an 100% Export Oriented Undertaking - Held that:- The assessment made allowing the claim under S.10B of the Act may render the assessment to be erroneous - in the absence of any finding by the CIT that the assessee is not eligible for relief u/s 10A, under which the assessee should have made the claim, it cannot be said that the assessment is also prejudicial to the interests of Revenue. Relying upon Malabar Industrial Co. Ltd. Versus Commissioner of Income-Tax [2000 (2) TMI 10 - SUPREME Court] - the pre-requisite to the exercise of jurisdiction by the Commissioner suo motu under it, is that the order of the AO is erroneous in so far as it is prejudicial to the interests of the Revenue - Commissioner having not arrived at the conclusion that the assessment was not only erroneous but also prejudicial to the interests of the Revenue, the order of the CIT cannot be sustained – Decided in favour of Assessee.
|