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2021 (10) TMI 243 - HC - Income TaxMAT Computation u/s 115JB - Revisions proceedings u/s 263 - CIT directed the AO to make certain additions to book profit u/s 115JB - Earlier AO had issued notice under Section 154 of the Act wherein he had asked respondent as to why remedial action should not be taken for computing income under the MAT provisions, but dropped the proceedings - Whether Tribunal was right in holding that, the AO had applied his mind while passing the order u/s 143 (3) of the Act? - HELD THAT:- AO has applied his mind while passing the original order and dropping the rectification proceedings. It is settled law that no revisionary jurisdiction would lie on which issues are debatable. It is also settled law that once the Assessing Officer has taken one of its two possible views it cannot be regarded as being erroneous. What we find is in the order passed by CIT, there is no mention any where as to under which category of the explanation A to K below Sub Section 2 of Section 115 JB of the Act these four items mentioned above would fall. If the CIT felt that the Assessment Order passed by the Assessing Officer is erroneous, he ought to have identified under which category from A to K in the explanation below Sub Section 2 of Section 115 JB of the Act these four items would fall. This is mainly because the Assessing Officer took a view that these four items would not fall under the items mentioned in the explanation. ITAT has also observed that the disputed four items are not part of the list appearing in the section. Without identifying under which part of the list disputed four items form part of CIT could not have exercised its revisionary powers. Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue at hand, then, we do not think that question as pressed raises any substantial question of law.
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