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2017 (12) TMI 1617 - HC - Income TaxRevision u/s 263 - disallow the claim of exemption u/s 54EC and 54F - order erroneous and prejudicial to the interest of the revenue - Held that:- While exercising the powers under Section 263, the Commissioner must not sit as an appellate authority and that where two views are possible and if the AO has taken one plausible view, the Commissioner cannot interfere with such view, merely because he has taken a different view. In the light of Section 2(47), it cannot be said that the view taken by the AO, was not a plausible one. In the absence of any specific provision which determines the actual date of transfer, the view taken by the AO that the date on which form No.7B was signed by both parties and presented to the purchaser company, is the date of effective transfer, can be a plausible view. On these facts of the case, the Commissioner ought not to have exercised his revisional jurisdiction under Section 263 of the Act. - Decided in favour of assessee.
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