TMI Blog2014 (7) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... n 263 could not have been invoked - since the Tribunal had rested its conclusion essentially on applicability of Section 263 of the Act and which cannot he held to be perverse or vitiated by any error of law apparent on the face of record that there is no merit in the Appeal – Decided against Revenue. - Income Tax Appeal No.1022 of 2013 - - - Dated:- 10-7-2014 - S C Dharmadhikari And B P Colaba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch in the case of SSI Ltd v/s DCIT (85 TTJ 1049) and sustained by the Hon'ble Madras High Court and thereby ignoring the decision of the Hon'ble Supreme Court in the case of Southern Technology Ltd vs JCIT 320 ITR 577(SC), wherein it is held that the guidelines of other statutory bodies cannot overrule the provisions of the Income Tax Act ? (B): Whether, on the facts and in the circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. According to the revenue as is found in paragraph 3.1 of the present memo of appeal, the Assessing Officer completed the assessment without making proper enquiry, resulting into an assessment which was erroneous and prejudicial to the interest of the revenue. Thus, the Assessing Officer failed to make proper enquiry and completed the assessment without proper scrutiny, was patently err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... econditions and necessary ingredients thereof are that the order of the Assessing Officer must be erroneous and prejudicial to the interest of the revenue. On scrutiny of the entire facts and verification of the record, the Tribunal concluded that the basis or foundation for the order under Section 263 was completely lacking. The Assessing Officer had considered the issue. He took a view after goi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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