TMI Blog2010 (7) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... s order should be prejudicial to the interest of Revenue [Malabar Industrial Co. Ltd. vs. Commissioner of Income Tax, 2008 TMI - 5786 - SUPREME Court] - that in the order the CIT(A) has neither found the order passed by the assessing officer to be erroneous or prejudicial to the interest of the revenue – order passed u/s 263 has been set aside by the ITAT correctly. - 837/2010 - - - Dated:- 13-7- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon certain observations made by this Court in Gee Vee Enterprises vs. Additional Commissioner of Income Tax, Delhi-I 99 ITR 375. 3. The ITAT in the impugned order has held as under:- "12. In the present case, since the Ld. CIT has not pointed out any error in the order of the AO but merely directed to re-examine the issue, we hold that the Ld. CIT was incorrect in terming the assessment ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er vested in him in accordance with law and arrives at a conclusion. 5. It is settled law that two conditions have to be fulfilled before the Commissioner can invoke his power under Section 263 of the Act, 1961 namely, the order should be erroneous and further the assessing officer's order should be prejudicial to the interest of Revenue. (Refer to Malabar Industrial Co. Ltd. vs. Commissioner o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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