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2010 (2) TMI 161 - HC - Income Tax
Revision- The Commissioner passed an order under section 263(1) of the Income Tax Act, 1961, setting aside the assessment order passed by the assessing officer and directing de novo enquiry on two issues. The Tribunal noted that the commissioner was not justified in exercising the suo motu power of revision under section 263. On appeal by the Department. Held that- the observation of the Commissioner that the Assessing officer had arrived at a finding to be erroneous, since an enquiry was specifically held with reference to which a disclosure of details was called for by the Assessing Officer and furnished by the assessee. The Tribunal was justified in holding that recourse to the power under section 263 was not warranted in the facts and circumstances of the case.