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2017 (8) TMI 960 - HC - Income TaxClaim of interest and administrative charges under section 57(iii) - claim of interest expenditure in respect of loans taken from various banks - revision petition u/s 263 - Held that:- Section 57(iii) of the Act allows deduction while computing the income chargeable under the head “Income from other sources”, any other expenditure laid out or expended wholly and exclusively for the purpose of making or earning such income. It was in this context the Assessing Officer had accepted the assessee's contention that if the investment is treated as not having been expended in the assessee's business in USA and therefore, wholly and exclusively for the purpose of business, the same should be treated as one for earning income from other sources. The view adopted by the Assessing Officer was after proper scrutiny of relevant facts and clearly a plausible view and therefore, not open to revision at the hands of the Commissioner. The Supreme Court in case of Malabar Industrial Co. Ltd.(2000 (2) TMI 10 - SUPREME Court) which has been referred to time and again, held and observed that the order of assessment would be open to revision provided twin conditions of same being erroneous and prejudicial to the interest of Revenue are satisfied. It is also well settled that if after proper inquiries, the Assessing Officer has adopted a view which is a plausible one, the view would not be open to revision by the Commissioner. The additional contention of the petitioner of the very jurisdiction of the Commissioner to revise an order of assessment passed after the draft order is placed before DRP in terms of section 144C of the Act is an interesting contention. However, we do not find it necessary in the present petition to enter into such an issue, since on facts we find that the Commissioner could not have invoked revisional powers.
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