Proceedings u/s 263 by CIT not valid, if initiated on the basis of points decided by AO by following the decision of the ITAT and HC in the case of the assessee itself

The Lakshmi Vilas Bank Ltd Vs Addl. CIT, Tiruchirapalli (ITAT Chennai) –Whether where the AO has considered all the points, on the basis of which the CIT initiated proceedings u/s 263, following the decision of the ITAT and High Court in the case of the assessee itself, proceedings initiated u/s 263 are not valid as it is not prejudicial to the interests of the Revenue. – Assessee’s appeal allowed. IN THE INCOME TAX APPELLATE TRIBUNAL CHENNAI BENCH ‘C’ : CHENNAI I.T.A No. 548/Mds/2010 Assessment year : 2005- 06 The Lakshmi Vilas Bank Ltd Vs The Addl. CIT ...