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2014 (2) TMI 172 - AT - Income TaxRevision u/s 263 of the Act - Set off of brought forward unabsorbed business losses against income from interest, commission and sale of assets holding that these income are not assessable under the head "income from business" – Held that:- CIT wanted that the Assessing Officer should make re- verification, therefore, it cannot be said that the assessment order passed by the Assessing Officer was without making proper enquiry and when the Assessing Officer has taken one of the possible view, it cannot be said that the assessment order passed by the Assessing Officer was erroneous or prejudicial to the interest of the revenue. Relying upon CIT Vs. Green World Corporation [2009 (5) TMI 14 - SUPREME COURT OF INDIA] - the jurisdiction exercised by the revisional authority pertains to his appellate jurisdiction - while making the orders of assessment the Assessing Officer should be bound by the statutory circulars issued by the CBDT but it is another thing to say that the assessing authority exercising quasi-judicial functions, keeping in view the scheme contained in the Act, would lose his independence to pass an independent order of assessment - When a statute provides for different hierarchies providing for forums in relation to passing of an order as also appellate or revisional order, by no stretch of imagination can a higher authority interfere with the independence which is the basic feature of any statutory scheme involving adjudicatory process – the CIT was not justified in setting aside the assessment order by invoking the provisions of Section 263 of the Act – order set aside and decided in favour of Assessee.
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