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2018 (7) TMI 577 - AT - Income TaxRevision u/s 263 - income relating to the PSF security component not declared - debatable issues - Held that:- Having gone through the OMDA Agreement, SOP and the escrow Agreement in the light of other relevant papers furnished in the paper book we are convinced that prima facie there appears to be no control for the assessee over the security component of the PSF collected by the airliner and deposited into the escrow account meant to make the security purposes. The security component of the PSF amount does not constitute income in the hands of the assessee whereas such an issue has been remanded back to the Ld. AO by the Delhi tribunal. It is, therefore, clear that the question whether or not the security component of the PSF constitutes income in the hands of the assessee has not yet finally been decided authoritatively. It still remains a contentious issue and a debatable one. We are of the considered opinion that in view of the decision of the Hon’ble apex court in M/s Malabar Industries Co Ltd. Vs. CIT [2000 (2) TMI 10 - SUPREME COURT] such contentions or debatable issues are not available for revision under section 263 of the Act. With this view of the matter, we find that in this set of facts and circumstances, the exercise of jurisdiction under section 263 of the Act by the Learned CIT cannot be sustained - decided in favour of assessee.
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