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2012 (7) TMI 977 - AT - Income TaxRevision u/s 263 - Held that:- The powers under section 263 clearly cannot be invoked on the facts of this case to simply safeguard the interests of the revenue. This power can only be exercised when order sought to be revised is erroneous and prejudicial to the interest of the revenue, and an order cannot be treated as erroneous as long as the Assessing Officer has taken a possible view of the matter even though, according to the Commissioner, the view so taken is not the correct view of the matter. Bearing in mind all these factors, as also entirety of the case, we find the impugned revision order unsustainable in law, and we, therefore, cancel the same. The assessee gets the relief accordingly.
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