1999 (8) TMI 983 - ITAT MUMBAI - Income Tax

Extract:
....... CIT." 14. Thus, on the facts and in the circumstances of the case, we hold that the CIT was not justified in holding the order of the AO to be erroneous and prejudicial to the interest of the Revenue. Accordingly, the order of the CIT passed under s. 263 of the IT Act, 1961 is quashed. 15. In the result, the appeal of the assessee is allowed.