Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 538 - HC - Income TaxScope of revision orders u/s 263 - AO allowing the taking of unabsorbed depreciation to determine WDV of assets of amalgamating Company - Held that:- Where two views are possible and the Assessing Officer has taken one of the two possible views, then it is not open to treat such a view as an order which is erroneous or prejudicial to the interest of the Revenue. Merely because the Commissioner of Income Tax takes a different view to that of the Assessing Officer will not certainly justify exercise of his powers under Section 263 of the Act. In this case, the view taken by the Assessing Officer was in effect following the decision of this Court in Hindustan Petroleum Corporation Ltd. (1990 (7) TMI 44 - BOMBAY High Court). The fact that it dealt with the unamended provisions of law would not in the present facts make the order of the Assessing Officer erroneous. Therefore, reliance upon the decision of this Court in Hindustan Petroleum Corporation Ltd. (supra) cannot be said to be perverse and/or erroneous. Therefore, the exercise of jurisdiction under Section 263 of the Act was not called for - Decided in favour of assessee.
|