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2015 (10) TMI 1751 - BOMBAY HIGH COURT

2015 (10) TMI 1751 - BOMBAY HIGH COURT - TMI - Revision u/s 263 - CIT directed the AO to reframe the assessment denovo after allowing rebate under Section 88E of the Act on more careful examination - ITAT quashed revision orders - Held that:- There is no prescribed formula under Section 88E of the Act to determine the quantum of the rebate thereunder. Therefore the same has to be computed on a reasonable and scientific manner by the Assessing Officer. Further the impugned order has placed relian .....

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cer erroneous. To be an erroneous order it must be in breach of law. It is axiomatic that jurisdiction under Section 263 of the Act can only be exercised on cumulative satisfaction of the twin conditions viz. of the order being erroneous in law and the order being prejudicial to the interest of the revenue. Thus in this case, one of the two conditions precedent to exercise jurisdiction under Section 263 of the Act viz. Order being erroneous in law is not satisfied.

Moreover the CIT in .....

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ion 263 of the Act unless the order is erroneous. - Decided in favour of assessee. - Income Tax Appeal No. 1879 of 2013 - Dated:- 5-10-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Petitioner : Mr Suresh Kumar, Adv For the Respondent : Mr Atul Jasani, Adv ORDER P. C. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 6 February 2013 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The Assessment Y .....

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the Act. This was after allowing rebate of ₹ 4.36 crores under Section 88E of the Act. Thereafter, the Assessing Officer by an order dated 26 April 2010 allowed a rectification application working out the rebate under Section 88E of the Act to ₹ 4.80 crores. 4. Thereafter the Commissioner of Income Tax (the 'CIT') in exercise of powers under Section 263 of the Act passed an order on 15 March 2012. By the above order, the CIT directed the Assessing Officer to reframe the asses .....

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exercising of jurisdiction under Section 263 of the Act as it would then be a case of inadequate enquiry and not lack of enquiry. Inadequate enquiry does not justify invoking jurisdiction under Section 263 of the Act. 6. We find that that there is no prescribed formula under Section 88E of the Act to determine the quantum of the rebate thereunder. Therefore the same has to be computed on a reasonable and scientific manner by the Assessing Officer. Further the impugned order has placed reliance u .....

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