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2005 (10) TMI 62 - HC - Income TaxOrder of CIT-tax u/s 263 – revision - "Whether, Tribunal is right in relying upon sub-section (4) of section 3 as it stood prior to the amendment with effect from April 1, 1989 thereby cancelling the order of the Commissioner of Income-tax under section 263?" - As can be seen from sub-section (1) of section 3 of the Act, the definition of "previous year" shows that, in normal circumstances, a "previous year" is comprised a period of 12 months and not more - Tribunal was justified in holding that, Commissioner had committed an error in exercising jurisdiction under section 263 - Tribunal was, therefore, right in holding that, in the absence of any error and any prejudice to the interests of the Revenue having been shown by the Commissioner of Income-tax, he could not have assumed jurisdiction under section 263. In fact, the Commissioner of Income-tax has failed to point out any provision by which he could in exercise of powers under section 263 of the Act change the previous year.
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