TMI Blog2012 (10) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to revision is "erroneous and prejudicial to the interest of the revenue", and an order cannot be classified in this category when AO takes a possible view of the matter even if CIT does not agree with the said view. The action of the CIT cannot therefore be approved. We, accordingly, set aside the impugned revision order. In favour of assessee - IT APPEAL NO. 490 (KOL.) OF 2012 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the STT paid while computing the tax under MAT. (3) For that the ld. CIT erred in applying the provisions of section 263 when the credit for STT was to be correctly allowed by the ld. AO while computing the tax for the purpose of sec. 115JB. (4) For that on the facts and circumstances of the case the order of the CIT(A) be modified and the assessee be given the relief prayed for. 2. Parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Lotus Capital Financial Services Ltd. v. ITO (IT Appeal No. 479/Kol./2011; order dated 21.10.2011) and yet learned Commissioner invokes the revision powers by observing as follows :- "I have considered the argument and also gone through a few appellate orders (including that of ITAT, Kolkata) on the similar dispute. The very fact that the issue has gone beyond the revenue authorities for adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly a possible view of the matter but, as on now, correct view of the matter. The final word in law may yet to be spoken and just because there is a possibility of the view taken in the order subjected to revision proceedings being at variance with such final word, the order cannot be subjected to revision proceedings. The action of the learned Commissioner cannot therefore be approved. We, accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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