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2012 (10) TMI 600 - AT - Income TaxValidity of Order passed by CIT u/s 263 – Security transaction tax – Rebate u/s 88E - Whether rebate u/s 88E can be claimed from tax payable under MAT u/s 115JB – Held that:- The powers u/s 263 cannot be exercised to safeguard the interests of the revenue, unless the order so subjected to revision is "erroneous and prejudicial to the interest of the revenue", and an order cannot be classified in this category when AO takes a possible view of the matter even if CIT does not agree with the said view. The action of the CIT cannot therefore be approved. We, accordingly, set aside the impugned revision order. In favour of assessee
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