| |
| The Tax Publishers2020 TaxPub(DT) 5014 (Karn-HC) : (2021) 277 TAXMAN 0215 INCOME TAX ACT, 1961
Section 263
In the light of decision rendered by Tribunal in assessee's own case, the revenue as well as assessee is bound by its decision and therefore, in view thereof, CIT committed an error in holding that the order passed by AO was erroneous and prejudicial to the interest of the revenue.
|
Revision under section 263 - Erroneous and prejudicial order - Depreciation of investment -
Revenue filed appeal against the order of Tribunal setting aside the order under section 263 without appreciating that, out of provision made for depreciation on investments, assessee had added back only amount relating to investments in India and had excluded amount relating to investments outside India when CIT had directed AO to add back this amount on this account. Held: The Tribunal by placing reliance on the order passed by it in assessee's own case for previous assessment years inter alia held that the revenue as well as assessee is bound by its decision and therefore, in view thereof, CIT committed an error in holding that the order passed by AO was erroneous and prejudicial to the interest of the revenue.
REFERRED : CIT v. GM Mittal Stainless Steel (P.) Ltd. (2003) 130 Taxman 67 (SC) : 2003 TaxPub(DT) 812 (SC).
FAVOUR : In favour of assessee.
A.Y. : 2009-10
IN THE KARNATAKA HIGH COURT
 SUBSCRIBE FOR FULL CONTENT
|