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2005 (3) TMI 44 - HC - Income TaxRevision u/s 263 - prejudicial to the interests of the Revenue - Tribunal was, justified in law in upholding the exercise of jurisdiction and powers under section 263 of the Act by the Commissioner of Income-tax. Once the assessee had submitted a statement of advance tax payable and paid advance tax of Rs. 74,001, the Assessing Officer having served notice under section 139(2) of the Act, it was not open to the Assessing Officer to drop the proceedings. There was an indication that the assessee itself believed that it had positive income exigible to tax and the provision of section 144 of the Act specifically mandated the Assessing Officer to frame a best judgment assessment. On his failure to do so, the noting recording "proceedings dropped" was erroneous in so far as it was prejudicial to the interests of the Revenue and was liable to be revised under section 263 of the Act.
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