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Case Law Details

Case Name : Infinity Infotech Parks Limited Vs DCIT (ITAT Kolkata)
Appeal Number : Income tax (Appeal) nos. 413 - 414 of 2015
Date of Judgement/Order : 09/06/2015
Related Assessment Year :
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Brief of the Case

ITAT Kolkata held In the case of Infinity Infotech Parks Limited vs. DCIT that in view of settled law, we are of the firm view that it is a case where due inquiry was conducted by the Assessing Officer as is apparent from assessment order on this issue on which CIT invoked jurisdiction under section 263. It is not the case that the views taken by Assessing Officer are unsustainable in law.

However revision u/s 263 is duly authorized where there is a mistake apparent from the records which itself proves that the order passed on this issue by the Assessing Officer was erroneous as well as prejudicial to the interest of the revenue. There is no bar under the Income Tax Act on the power of CIT under section 263 that if the order could have been rectified under section 154, CIT could have not exercised the jurisdiction under section 263.

Facts of the Case

The original assessment under sect ion 143(3) of the Income Tax Act, 1961 was completed on 31.12.2000 which was subsequently re-opened by recording the many reasons to believe. Assessment under sect ion 143(3) read with section 147 was completed vide order dated 30.03.2013 determining the book profit at Rs.1,99,42,048/- under section 115JB of the Income Tax Act. In the said assessment, the Assessing Officer did not make any addition on account of the capital gain but took the view that no income has accrued or arisen to the assessee in the assessment year 2007-08. The book profit was determined at Rs.1,99,42,048/- as has originally been determined.

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