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2014 (2) TMI 795 - HC - Income TaxExercise of jurisdiction by the CIT u/s 263 of the Act – Held that:- The income derived by the assessee is in the nature of capital one as it was connected with main activity - this cannot be said to be income, as rightly held on fact finding by the Assessing Officer initially and thereafter by the Tribunalthe Tribunal has taken a correct view of the matter as the Commissioner of Income Tax has no jurisdiction to reopen this case, because one of the two possible views was taken by the Assessing Officer and such change of view cannot be any ground to reopen the issue under Section 263 of the Income Tax Act – thus, the CIT had passed the order in total illegal exercise of jurisdiction – thus, there was no merit in the appeal – decided against Revenue.
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