TMI Blog2001 (11) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the order of the Commissioner dated March 25, 1987, made by him in exercise of his revisional power under section 263, the assessment year being 1982-83. The Commissioner having found that the assessee had suppressed the true value of the property which it had sold, that fact of suppression having come to light when the premises of the purchaser were raided, the Commissioner held that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, when acting under section 263 of the Act, when he finds that the order sought to be revised is one prejudicial to the interests of the Revenue, he may, after giving an opportunity to the assessee of being heard and after making such further inquiry, as he may deem necessary, pass such orders thereon as the circumstances of the case justify, including an order enhancing or modifying the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat discretion is not to be ordinarily interfered with unless the facts show that, that exercise of the discretion itself is required to be characterised as arbitrary. The facts before us do not justify any such inference of arbitrariness on the part of the Commissioner. We also do not see any prejudice having been caused to the assessee. The assessee has all the appellate and other remedies ava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We also do not see any justification for curtailing the discretion vested in the Commissioner while acting under section 263 of the Income-tax Act and further limiting the nature of the order which he is empowered to make. The orders which he may make are those which are referred to in the section itself. If the observations made in the case relied upon by counsel are to be regarded as limiti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
