2008 (9) TMI 499 - BOMBAY HIGH COURT

Revision- Power of Commissioner- Whether on the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal was justified in upsetting the order passed by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961? Held that- the Tribunal is correct in its view that the view taken by the Assessing Officer was a possible view and that the condition precedent for invoking jurisdiction under section 263 by the Commissioner of Income-tax did not exist. In view of the above, we hold that the Income-tax Appellate Tribunal was justified in upsetting the order passed by Commissioner of Income-tax under section 263 of the Income-tax Act, 1961. Therefore, answer the question of law raised in this appeal in favour of the assessee and against the Revenue. The above appeal, therefore, stands dismissed.