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The Commissioner of IncomeTax- I Versus Forest Development Corporation of Maharashtra Ltd.)

2015 (8) TMI 421 - BOMBAY HIGH COURT

Scope of revision u/s 263 - as per CIT(A) AO omitted to look into the correctness or otherwise of the apportionment of common expenses to agricultural and non-agricultural segments - Held that:- The facts show that the proportion of agricultural and non-agricultural income/ receipts has been used even while working out the apportionment of expenditure under that head. The previous history not in dispute shows that since 1996-97, the said method is being adopted. It is not in dispute that in the .....

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oner of Income-tax while exercising the jurisdiction under section 263 of the Income-tax Act, 1961. Here, a long settled practice has been lost sight of and without observing anything in concrete about irrelevance of the method or apportionment being followed, the matter has been sent back. Had the Commissioner of Income-tax noted some facts which necessitated departure from this method, its intervention could have been understood. However, that is not the position here.There was no scope for in .....

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Commissioner of Income- tax ("the CIT") under section 263 of the Income-tax Act, 1961, unwarranted. Shri Parchure, learned counsel submits that the Commissioner of Income-tax has intervened under section 263 of the Act only because of its finding that while completing the assessment for the assessment year 2004-05, the Assessing Officer ("the AO") omitted to look into the correctness or otherwise of the apportionment of common expenses to agricultural and non-agricultural seg .....

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h consideration and, therefore, no prejudice is caused to the assessee. Shri Thakar, learned counsel, has invited our attention to the previous history. According to him, since the assessment year 1996-97, this practice is in vogue and the percentage of agricultural and non-agricultural receipt is worked out and in that proportion expenses are also bifurcated under these two heads. He submits that as the system is well settled, in return filed, the apportionment was, accordingly, shown and it ha .....

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