S. 263 Commissioner cannot revise a order when AO took a possible view

CIT revised the order u/s 263 to include the sum of Rs. 1,75,32,600/- in the total income of the assessee under Sec.41(1) of the Income Tax Act on the ground that there had been a complete cessation of liability in regard to this amount in the previous year relevant to the assessment year 1982-83- ITAT confirmed the order – held that – when the Assessing Officer took a possible view, while passing an order of assessment, the Commissioner exceeded his jurisdiction in seeking recourse to his power under Section 263. At the least, it must be held that the question as to whether the liabil...