The Tax Publishers2020 TaxPub(DT) 4470 (Mum-Trib)

INCOME TAX ACT, 1961

Section 263

As regards the issue settled in favour of assessee by order passed CIT(A), Pr.CIT could not invoke jurisdiction under section 263

Revision under section 263 - Erroneous and prejudicial order - Invocation of revisionery jurisdiction as regards -

Pr.CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground that in computing book profits under section 115JB, the profit of foreign branches was wrongly excluded.Held: Issue of applicability of book profits to nationalised banks was agitated by assessee before CIT(A) and the CIT(A) had already passed an order in favour of assessee that provisions of section 115JB did not apply to assessee. Therefore, Pr.CIT could not invoke jurisdiction under section 263 as regards similar issue.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2014-15


INCOME TAX ACT, 1961

Section 263

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