Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 476 - HC - Income TaxJurisdiction - Whether on the facts and in the circumstance of the case and in law, the Tribunal is correct in law in holding that the Commissioner of Income TaxIII, Pune has wrongly assumed jurisdiction u/s. 263? Held that: - the entire basis of exercising jurisdiction under Section 263 of the Act is on the basis of assumption of incorrect fact that the Respondent-Assessee is a share broker. This, in fact, is not so. Where the basic facts have been misunderstood by the CIT, the exercise of powers of Revision is not sustainable. This for the reasons that one does not know if on correct understanding of the basic facts, whether the CIT would have still exercised his powers of Revision under Section 263 of the Act. It is not for any of us to even attempt to hazard a guess, as to the likely view of the CIT on correct facts - appeal dismissed - decided against appellant-revenue.
|