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2015 (5) TMI 1032 - AT - Income TaxMAT computation - revision u/s 263 - According to Ld CIT, the deduction prescribed in the above said provision shall be available only for the assessment years falling between the years mentioned in clause (vii), i.e., the assessment year in which the company has become a Sick Industrial Company and the year in which the net worth of such company becomes equal to or exceeds the accumulated losses - according to Ld A.R, the provisions of sec. 115JB of the Company is intended to collect income tax from the so called Zero tax companies - Held that:- On a careful perusal of the contentions of the assessee as well as the Ld D.R, we are of the view that both the views are possible views, i.e., the issue under consideration is debatable issue, where two views are possible. Since the assessing officer has passed the assessment order by accepting the view of the assessee, it has to be held that the assessing officer has adopted one of the plausible views. In the case of Malabar Industrial Co. (2000 (2) TMI 10 - SUPREME Court ), the Hon’ble Supreme Court has held that when an Income-tax Officer adopted one of the courses permissible in law and it has resulted in loss of revenue, or where two views are possible and the Income-tax Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the Revenue unless the view taken by the Income-tax Officer is unsustainable in law. In our opinion, the view taken by the assessing officer cannot be considered to be unsustainable in law. Hence, we are of the view that the impugned revision order could not be sustained and accordingly we set aside the same. - Decided in favour of assessee.
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