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2004 (2) TMI 15 - CALCUTTA HIGH COURTRevision - scope of section 25(2) and the requirements prescribed thereunder for exercise of power of the Commissioner to revise – assessment was prejudicial to the interests of the Revenue - appellant is contending that the partnership firm itself being not an assessee, valuation of its interest in the partnership firms is to be made on the book value and not on the market value. The argument was further advanced that the power of the Commissioner to revise the orders of subordinate authorities under section 25 of the Act, could not be exercised as the requirements for exercise of power under the said section were not specified. Learned counsel for the appellant argued on the - We find that in the impugned judgment the aspect as regards power under section 25(2) was not taken into consideration and, thereforethe impugned order is set aside and the appeal is allowed. The writ petition is allowed and the notice under section 25(2) impugned in the writ petition is hereby quashed.
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