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2014 (6) TMI 928 - HC - Income TaxRevision u/s 263 - whetehr Revenue proceeds in invoking section 263 of the Income Tax Act 1961 although the view taken by the Assessing Officer is a possible view of the matter? - Held that:- If the Tribunal's order is perused, the Tribunal merely emphasized on the Commissioner that he could not have invoked section 263 of the Income Tax Act in the given facts and circumstances but the Tribunal emphasized the fact that despite the authoritative pronouncement in the case of Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME Court ] the Commissioner has proceeded to exercise his powers under section 263 of the Income Tax Act to set aside a possible view of the matter. It is not that the Tribunal was emphasizing anything on the merits of the claim or that the view taken in Sulzer's case was the one applicable in its entirety on merits. What the Tribunal was emphasizing is when the Assessing Officer has taken a possible view, then section 263 of the Act could not have been invoked and that is how the Tribunal proceeded to set aside the order impugned in the Assessee's Appeal. No attempt was made to show that the Assessing Officer's view was not a possible one. Even otherwise, there was enough material in law to indicate that the legal position is otherwise. In such circumstances, we would not permit Mr Ahuja to argue before us that the present Appeal should be admitted on questions which were not subject matter of the Tribunal's order. We would not therefore make any observation with regard to the correctness of the view taken by the Tribunal in the Full Bench decision in M/s Sulzer India Ltd. [2010 (11) TMI 728 - ITAT, MUMBAI ] We agree that the Tribunal could not have invoked section 263 of the Act and the remedy of the Revenue if any, in law lies elsewhere. The order passed by the Assessing Officer has to be restored only on this count. It is only to emphasize and repeatedly that section 263 of the Income Tax Act could not have been invoked, that the Tribunal held that the view taken by the Assessing Officer is a possible view
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