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2015 (12) TMI 1183 - BOMBAY HIGH COURT

2015 (12) TMI 1183 - BOMBAY HIGH COURT - TMI - Amortization of premium on HTM securities - treating the same as revenue expenditure could not be said to be erroneous within the meaning of section 263 - Held that:- We are of the view that no fault can be found with the impugned order holding that in such a case no occasion to exercise powers of Revision under Section 263 of the Act can arise as held by the Supreme Court in MALABAR INDUSTRIAL CO.LTD (2000 (2) TMI 10 - SUPREME Court).

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Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the common order dated 31 October 2012 passed by the Income Tax Appellate Tribunal. 2. The revenue has raised the following identical questions of law for our consideration: " Whether on the facts and in the circumstances of the case and in law the Tribunal did not err in holding that in view of the decision in the case of Malabar Industrial Co Ltd vs CIT 243 ITR 83 (S) the order of the Assessing Officer on the issue of .....

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we refer to the facts for Assessment year 2005-06. 4. The respondent-assessee is a banking company. For the Assessment year 200506 a return of income was filed declaring a loss of ₹ 129.69 crores. The Assessing Officer by an order dated 29 November 2002 under Section 143 (3) of the Act assessed the respondent-assessee to an income of ₹ 478. 42 crores. 5. On 3 March 2010 the Commissioner of Income Tax issued notice under Section 263 of the act seeking to revise the assessment orders .....

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Income Tax by order dated 29 March 2010 set aside the Assessment order dated 29 November 2007 and restored the issue to the Assessing Officer to pass a fresh order. 7. Being aggrieved by the order dated 29 March 2010 of the Commissioner of Income Tax passed under Section 263 of the Act for Assessment year 200506 challenged it before the Tribunal. A similar order was also passed by the Commissioner of Income Tax in exercise of its powers under Section 263 of the Act for Assessment year 2006-07. .....

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011-TIOL-681-ITT-MUM. Thus, the common impugned order holds that the view of the Assessing Officer was a possible view as evidenced by the decision of the Tribunal. It further holds that where the view of the Assessing Officer is a possible view then the jurisdiction to exercise powers of Revision under Section 263 of the Act is not available. This is as held by the Apex Court in MALABAR INDUSTRIAL CO. LTD VS CIT (2000) ITR 83 (SC) . In the above view the impugned order allow the appeals of the .....

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