Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (4) TMI 17 - HC - Income TaxRevision U/s 263 - assessment 143(3) - The nature and purpose of service charges and its allowability as revenue expenditure - the statement of the assessee that the matter was duly examined by the Assessing Officer on the basis of non-supply by the assessee, who had satisfied himself that the expenditure was incurred for smooth running of its day-to-day business and has not resulted in the creating of any asset or benefit of enduring nature was not even controverted by the Commissioner. Thus, merely because the Commissioner has mainly been influenced that by the fact that there may be other view possible, the Commissioner could not have exercised his power under Section 263 of the Act on that basis alone If the Assessing Officer has adopted one of the views then as held by the Apex Court decision in the case of Mallabar industrial Co. Ltd. (2000 -TMI - 5786 - SUPREME Court), provisions of Section 263 are not attracted.
|