TMI Blog2019 (4) TMI 1231X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Commissioner can exercise revisional powers under Section 263 of the Act only when it is found that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of Revenue. In the present case, the Tribunal noted the observations of the Assessing Officer in the order of remand to the effect that Jain munis do not advocate spread of religion through use of compute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arucha, Advocate for the appellant. For the respondent ORDER P.C. : 1. The Revenue is in Appeal against the judgment of the Income Tax Appellate Tribunal ( the Tribunal for short). Following question is presented for our consideration : 1. Whether on the facts and circumstances of the case and in law, the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, the CDs did not sell in the market. During the scrutiny assessment, the Assessing Officer examined the entire transaction and accepted the assessee's treatment to such expenditure. The Commissioner took the order of the assessment in revision under Section 263 of the Income Tax Act, 1961 ( the Act for short) on the ground that the Assessing Officer had not carried out any enquiries as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read of religion through use of computers, source of electronic media is usually shunned, very small section of the community uses computer technology for religious purposes as plenty of printed literature is available in the market. All these factors led to the market value of the CDs declining dramatically. It was on account of these reasons, that the assessee had incurred substantial loss arisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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