2003 (2) TMI 25 - KERALA HIGH COURT

Income-tax Officer was satisfied about the actual amount received towards advance and only an amount of Rs. 6 lakhs out of the balance was to be further explained and they were telescoped. The entire sum of Rs. 19 lakhs was considered for the block assessment completed as early as on October 28, 1999, in the case of M. 0. Devassy alias Pappu much before the survey. In these circumstances, the statement of the assessee that the amount of Rs. 13 lakhs offered by him in the statement during the course of survey is only a mistake of fact cannot be brushed aside. - We find nothing in the order of the Income-tax Officer to warrant a finding that it is unsustainable in law. - Wwe hold that the Commissioner of Income-tax was not justified in law in invoking the powers under section 263 of the Income-tax Act as the twin conditions precedent to exercise the power have not been satisfied in this case.