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2015 (6) TMI 93 - AT - Income TaxRevision u/s 263 - directing AO to compute book profit u/s 115JB of the Act - Held that:- . It is well known that ld. CIT can exercise power u/s 263 of the Act, on fulfillment of the twin conditions enshrined in the said provision cumulatively. The conditions are, an order sought to be revised must be erroneous as well as prejudicial to the interests of revenue. In absence of any one of the aforesaid conditions, exercise of power u/s 263 becomes invalid. In the present case, even assuming that there is an error in the assessment order as AO has failed to compute book profit u/s 115JB, it cannot be said that assessment order passed is prejudicial to the interests of revenue as the income determined under the normal provisions was much more than the book profit computed u/s 115JB of the Act. Therefore, as one of the conditions of section 263 is not fulfilled, exercise of power u/s 263 is not valid. Accordingly, we set aside the impugned order of ld. CIT and restore the assessment order. - Decided in favour of assesse.
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