The Commissioner of Income-tax cannot assume jurisdiction where the existence of two views is obvious

 RELEVANT PARAGRAPH  7. The scope of section 263 has been determined by the propositions pro-founded by the Hon’bie Apex Court as well as other courts. For the revenue, an incorrect assumption of fact, incorrect assumption of law, failure to or routinely to conduct investigation in to the issue together with the ‘prejudicial to the interest of revenue’ are the approved grounds for assuming the jurisdiction u/s 263. Limiting the aspects of ‘incorrect assumption of law7, which is the issue in the instant case, as well as ‘prejudicial to the interest of revenueR...