Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1388 - ITAT DELHIRevision u/s 263 - Deduction u/s 80-IC denied - Whether earning of interest is directly linked to the business income? - Held that:- the conclusion arrived at by the CIT, Dehradun cannot be faulted with. It is evident from the record that the claim allowed by the AO was not allowable in law. The issue on facts is well settled by a plethora of decisions right from the decision of the Apex Court in the Cambay Electric Supply Indstl. Co. Ltd. vs CIT [ 1978 (4) TMI 1 - SUPREME COURT] wherein their Lordships have brought out in detail the differences in the meaning of “attributable to” and “derived from” Commissioner cannot initiate proceedings with a view to start fishing and roving inquiries in matters or orders which are already concluded. However it is equally well settled that the order cannot be termed as “erroneous” unless it is not in accordance with law. The section does not visualize a case of substituting the judgement of the Commissioner for that and the Assessing Officer who passes the order unless the decision is held to be erroneous. The Jurisdictional pre-condition stipulate that the Commissioner of Income Tax must come to the conclusion that the order is erroneous and is unsustainable in law. It is well settled that the order u/s 263 can be termed erroneous only if the Commissioner holds and decides that it is contrary to law. In the facts of the present case the Commissioner in the exercise his powers u/s 263 has come to the conclusion that the assessment order dt. 16.11.2010 is erroneous and prejudicial to the interests of the Revenue based on the legal position as set out in his order which has not been distinguished on facts by the Ld. AR. - Decided against assessee
|