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2010 (11) TMI 51 - HC - Income TaxRevision of an order - Notice under Section 263 of the Act has been issued on the ground that the Society received accommodation entries amounting to Rs.3,00,750/- and during the assessment proceeding no inquiry was conducted about the identity and creditworthiness of the donors and genuineness of these donations. Thus, the order passed by the Additional Commissioner of Income Tax, Range Bulandshahar, appears to be erroneous and prejudicial to the interest of revenue - Held that: - In the impugned notice, under Section 263 of the Act, it has not been disputed that the income of the petitioner was not exempted from tax under Section 10 (23C)(iv) of the Act and, therefore, we are of the view that the order dated 20.6.2008 of the Additional Commissioner of Income Tax, Range Bulandshahar cannot be said to be erroneous and prejudicial to the interest of the revenue. The phrase "prejudicial to the interests of the Revenue" in Section 263 of the Act has to be read in conjunction with the expression "erroneous" order passed by the Assessing Officer - Malabar Industrial Co. Ltd. v. Commissioner of Income Tax, reported in [2000 -TMI - 5786 - SUPREME Court]
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