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2009 (10) TMI 63 - HC - Income TaxRevision of an order erroneous order held that - even if two views were possible, and the view taken by the AO was plausible one, it by the CIT, that would not provide sufficient ground for the CIT to assume jurisdiction under Section 263 of the Act merely because he had a different view in Malabar Industrial Co. (decision of supreme court) revision of order is not correct - after passing of order under Section 154 of the Act, the CIT could not have exercised jurisdiction to cancel the assessment order under Section 143(3) of the Act - order passed by the CIT under Section 263 of the Income Tax Act, 1961 as set aside by the ITAT held correct.
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