TMI Blog2022 (11) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... ry jurisdiction to circumstances must exist to enable the Commissioner to exercise power of revision namely, the assessment order should be erroneous and it should be prejudicial to the interest of the revenue. If the AO has taken a decision in accordance with law, the said order cannot be termed to be erroneous by the revisional authority merely because the order should have been written in a different format or the order should be an elaborate order. The consideration of revisional authority u/s 263 must be based on materials on record of the proceedings called for by him. If there is no material on record on which it can be said that the revisional authority acting in a reasonable manner could have come to such a conclusion, the ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied in law to quash the order passed under Section 263 with regard to the issues of Book Profit having tax effect amounting to Rs. 11,49,68,176/- ? iii) Whether in the facts and circumstances of the case the Tribunal was justified in law to quash the order passed under Section 263 on account of claim of the weighted deduction under Section 35(1) of the said Act ? iv) Whether in the facts and circumstances of the case the Tribunal was justified in law to allow the appeal of the assessee by quashing the revisional order without verifying the facts and circumstances of the case thereby giving arise to perversity which is otherwise erroneous in law ? We have heard Ms. Smita Das De, learned standing Counsel appearing for the appellant/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent. From the said records it is evidently clear that all the three issues which were pointed out by the PCIT have, in fact, been threadbare discussed by the Assessing Officer and thereafter they have arrived at a conclusion. Thus, it is seen that it is not a case of no enquiry conducted by the Assessing Officer but the Assessing Officer had given a questionnaire to the assessee and after inviting a reply on the various queries raised, the assessment has been completed. The settled legal position on the exercise of power under Section 263 of the Act is that the supervisory jurisdiction to circumstances must exist to enable the Commissioner to exercise power of revision namely, the assessment order should be erroneous and it should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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