Income Tax Act, 1961

--Revision under section 263--Erroneous and prejudicial order Possible view taken by assessing officer--Commissioner revised assessment order on the grounds that assessing officer had allowed deduction of interest paid to third parties from net profit arrived at by applying a net profit rate on the gross contract receipts, and assessed the interest from FDRs as business income, instead of income from other sources, without making necessary enquiries regarding these issues. Held: Not justified. Assessing officer had allowed deduction of interest paid by assessee to third parties after making enquiries from assessee and by relying on decision of Special Bench of Tribunal. As regards interest on FDRs, assessing officer had investigated this issue with reference to various decisions and concluded that interest amount received by assessee was business income thus, assessing officer had taken one of possible views in framing assessment on that issue it can not be revised under section 263 by Commissioner. Action of Commissioner was, therefore, could not be sustained.