Power of Commissioner under section 263 of Income-tax Act

RELEVANT PARAGRAPHS:

8. Having carefully examined the entire evidences available on the record in the light of the oral submissions of the parties,  with reference to the provisions of law and the precedents relied  before us and after giving anxious thought, in the light of the  plain words used in section 263 of the Act and in the light of the ratio of the decision of the Hon’ble Supreme Court rendered in the  case of Malabar Industries Co. Ltd. v. CIT (2000 243 ITR 83 (SC

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