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2015 (2) TMI 211 - HC - Income TaxRectification of mistake - Tribunal quashed the order of the assessing officer passed under Section 154 - Tribunal not considering Section 94 (8) while dealing with the issue on hand - Held that:- This Court is in agreement with the findings of the Tribunal that when the Assessing Officer is in doubt as to the nature of the units sold and the fact that Section 94 (8) of the Act being clarified by the Tribunal to have retrospective operation only by the subsequent decision of the Tribunal, there is no scope for the Assessing Officer to resort to Section 154 proceedings after having accepted the assessee's stand and completed the assessment under Section 143 of the Act on 18.10.06. Therefore, this Court is of the considered view that the proceedings under Section 154 of the Income Tax Act is not justified in the facts and circumstances of the present case. In view of the above, this Court holds that the CIT (Appeals) was justified in setting aside the order of the Assessing Officer, which was subsequently confirmed by the Tribunal. - Decided against revenue.
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