2002 (7) TMI 50 - HC - Income Tax

Order Prejudicial To Interests Of Revenue - "1. Whether, Tribunal was right in law in setting aside the order made by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961? - 2. Whether the conclusion reached by the Appellate Tribunal in setting aside the order made by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961, is even otherwise sustainable in law?" - it is the finding of fact given by the Tribunal that the assessee has produced relevant material and offered explanations in pursuance of the notices issued under section 142(1) as well as section 143(2) of the Act and after considering the materials and explanation, the Income-tax Officer has come to a definite conclusion. The Commissioner of Income-tax did not agree with the conclusion reached by the Income-tax Officer. Section 263 of the Act does not empower him to take action on these facts to arrive at the conclusion that the order passed by the Income-tax Officer is erroneous and prejudicial to the interests of the Revenue. Since the material was there on record and the said material was considered by the Income-tax Officer and a particular view was taken, the mere fact that a different view can be taken, should not be the basis for an action under section 263 of the Act and it cannot be held to be justified.