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2009 (8) TMI 18 - HC - Income TaxOrder u/s 263 originally assessment order was passed u/s 143(3) thereafter thereafter order of ratification under Section 154 CIT(A) in exercise of its power under Section 263 of the Act, cancelled the order of assessment and directed making of assessment de novo ITAT held that CIT(A) was not justified in invoking its jurisdiction under Section 263 of the Act, as the Assessing Officer had duly applied his mind, made inquiries and examined the accounts Held that - Tribunal rightly held that power under Section 263 of the Act could be exercised where view taken by an Assessing Officer was erroneous. While exercising such power, the Commissioner was bound to take into account all relevant facts. If order invoking the said power proceeds on an erroneous assumption, the same could be set aside by the Tribunal. Finding of the Tribunal is not shown to be perverse
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