The Tax Publishers2013 TaxPub(DT) 0651 (Kol-Trib) : (2013) 050 (II) ITCL 0057

INCOME TAX ACT, 1961

--Revision under section 263--Erroneous order Issue beyond revenue authorities--Assessment order in case of assessee having derivative non-speculative business loss, Commissioner invoked revisional powers under section 263 on the ground that the order passed was erroneous and the issue had gone beyond the revenue authorities which had not yet got settled. Held: The Tribunal observed that the finding about the order given by Commissioner was not a valid ground to show the order erroneous. Hence Commissioner was not justified and, the order passed was unsustainable in law.

Income Tax Act, 1961, Section 263

In the ITAT, Kolkata A Bench

Pramod Kumar, A.M. & Mahavir Singh, J.M.

Survottam Mercantile (P.) Ltd. v. ITO

ITA. No. 571/Kol/ 2012

A.Y. 2007-08

8 November, 2012

Income Tax Act, 1961, S. 263

Decision: In assessees favour.

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