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2019 (9) TMI 350 - AT - Income TaxRevision u/s 263 - issue of exemption u/s 11 and 12 on account of violation of section 13(1)(c) - HELD THAT:- Tribunal in assessee’s own case for assessment year 2006-07 has allowed the exemption u/s 11 of the Act which was denied by the Assessing Officer and the CIT(A). Following the order of the Tribunal for assessment year 2006-07, the Tribunal in assessee’s own case for assessment year 2007-08, 2009-10, 2010-11 and 2011-12, has allowed the appeal filed by the assessee on the issue of denial of exemption u/s 11 due to violation of the provisions of section 13(1)(c) read with section 13(3) of the IT Act. Merely because the Revenue has not filed any appeal against the order of the Tribunal on account of low tax effect the same in our opinion cannot be held as an adverse view against the assessee. In the case of CIT vs. Arvind Jewellers [2002 (7) TMI 50 - GUJARAT HIGH COURT] has held that where the Assessing Officer has considered material on record and framed assessment, revision of order is not justified. When the Assessing Officer has taken a possible view, merely because the ld.CIT(E) does not agree with the view taken by the Assessing Officer, the same cannot be a ground for invoking the jurisdiction u/s 263. Assessing Officer, after considering the reply given by the assessee has passed a speaking order on the issue of exemption u/s 11 and 12 on account of violation of section 13(1)(c) of the Act, therefore, merely because the CIT(E) is not in agreement with the views taken by the Assessing Officer, the same, in our opinion, cannot be a ground to invoke the jurisdiction u/s 263 - Decided in favour of assessee
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