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2010 (7) TMI 479 - AT - Income TaxRevision - Scrutiny - Addition - Penalty - Time barred limitation - Whether in the facts and circumstances of the case, the Commissioner of Income-tax is justified on merits to set aside the Order of the Assessing Officer dropping the penalty proceedings imposed under section 271(1)(c), even though, the Commissioner of Income-tax has rightly exercised his jurisdiction under section 263 - Held that: - a joint reading of sections 275(1)(a) and 275(1A) are capable of being interpreted in more than one way. It is a possible view that section 275(1A) allows the Assessing Authority to “impose penalty” even after the appeal is determined by the Hon’ble High Court. The above view has been adopted by the Assessing Authority. It is a settled position of law that where two views are possible, the view adopted by the Assessing Officer cannot be held to be erroneous. - the order could be revised only if it is not only prejudicial to the interests of the revenue but also erroneous. - In the present case, the order cannot be held to be erroneous. Therefore, the Revision order passed by CIT is not sustainable in law.
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