TMI Blog2013 (10) TMI 1233X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. - ITA. No. 196 of 2013 - - - Dated:- 17-10-2013 - Dr. Manjula Chellur And A. M. Shaffique,JJ. JUDGMENT Manjula Chellur, C.J. Heard learned Senior Counsel Sri.Joseph Markose appearing for the appellant assessee. 2. Writ Petition was filed questioning the revisional jurisdiction exercised by the Commissioner of Income Tax under Section 263 of the Income Tax Act (for short, 'the Act'). It is not in dispute that regular assessment was completed under Section 143(3) of the Act on 31.12.2007. Several issues came up for consideration before the Commissioner of Income Tax (Appeals) and even the appellate authority proceeded to pass orders on 23.6.2008. Meanwhile, the Commissioner of Income Tax, who is the authority under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e disallowance on repairs and maintenance expenditure of the building. (vi) The Assessing Officer has omitted to disallow the Employees as well as Employers contribution towards PF for the month of March 2005 which were not paid under section 36(i)(va)/43B of the Act. (vii) The AO has omitted to include the receipts as per TDS certificates filed. It was also not verified by the AO whether the entire miscellaneous receipts of 31,14,449/- accounted represents receipts as per TDS certificates. (viii) The AO has omitted to disallow proportionate expenditure on exempted income (dividend) under section 14A of the Act. Similarly, income from sale of investment is computed under capital gains and, therefore, expenses attributable to acquisiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld mean prejudice to the interest of revenue and how an authority exercising powers under Section 263 of the Act has to proceed in the matter. Ultimately, following the decision of Apex Court in Malabar Industrial Co. Ltd. v. CIT [(2000)243 ITR 83], Tribunal also confirmed the opinion of the Commissioner that there was no application of mind while considering the assessment under Section 143(3) of the Act, therefore, it is not only erroneous, but also prejudicial to the interest of revenue. Opining that the procedure adopted definitely would have implication on the tax computation which ultimately causes prejudice to the revenue, Tribunal confirmed the orders of the Commissioner under Section 263 of the Act. 5. Having regard to reasoning ..... X X X X Extracts X X X X X X X X Extracts X X X X
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