SC affirms principles governing CIT’s revisionary powers; Quashes Bombay HC ruling as erroneous

CIT Vs Paville Projects Pvt. Ltd.  (Supreme Court of India) Supreme Court  allows Revenue’s appeal quashing the  Bombay High court order that had set aside CIT’s revisionary order passed under section 263 of Income Tax Act, 1961. CIT  in exercise of the powers u/s 263 and in exercise of the revisional jurisdiction, set aside the assessment order by specifically observing that the assessment order was erroneous as well as prejudicial to the interest of the Revenue. However, the High Court by the impugned judgment and order has set aside the order passed by the Commissioner by observ...