Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2005 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (2) TMI 447 - ITAT BOMBAY-JChallenged the revision order passed u/s 263 - erroneous and prejudicial to the interest of Revenue - reducing the DEPB entitlements from profits of the business - HELD THAT:- We are of the view that on the given facts and circumstances of the case, it cannot be said that the order of the AO is erroneous and prejudicial to the interest of Revenue. The AO has passed the order under s. 143(3) after taking all the necessary details and after discussing the case with the representative of the assessee. Now, the learned CIT has a different view on the issue involved. Under the circumstances, the decision of Hon'ble Supreme Court in the case of Malabar Industries Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT], comes to the help of the assessee. Thus, we hold that on the given facts and circumstances of the case, the learned CIT was not justified in invoking the jurisdiction u/s 263. Accordingly, the order of the learned CIT is quashed. In the result, the appeal filed by the assessee is allowed.
|