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2004 (7) TMI 24 - HC - Income TaxJurisdiction of Commissioner - order under section 263 - "Whether, Tribunal was correct in holding that despite the inquiries made by the Commissioner of Income-tax beyond the record of assessment, the CIT was well within his jurisdiction in passing the order u/s 263 based on the record of assessment?" - Commissioner of Income-tax by initiating the proceedings under section 263 of the Act had given reasons as to why the order is erroneous and prejudicial to the interests of the Revenue. Even if it is held that no penalty proceeding have been initiated by the Income-tax Officer in the course of the assessment proceeding, the Commissioner can exercise jurisdiction under section 263 of the Act on other valid grounds. Therefore, the order of the CIT does not suffer from any illegality. The Tribunal was justified in upholding the order of CIT
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