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2015 (1) TMI 1056 - ITAT PUNERevision u/s 263 - jurisdiction of CIT(A) challenged - claim of exemption u/s 54F allowed by AO - debatable issue - Held that:- It is a settled law that an issue on which two views are possible, and the Assessing Officer has followed one of them, it cannot be a subject-matter of consideration by the Commissioner while exercising his revisionary jurisdiction u/s 263 of the Act. The Hon’ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, (2000 (2) TMI 10 - SUPREME Court) has also approved that where two views are possible and the Assessing Officer has taken one of the views with which the Commissioner does not agree, such order of the Assessing Officer cannot be treated as erroneous or pre9ju dicial to the interests of the Revenue unless the view taken by the Assessing Officer is found to be unsustainable in law. In the present case, having regard to the judgements of the Hon’ble Delhi [2013 (3) TMI 101 - DELHI HIGH COURT] and Karnataka High Courts [2008 (10) TMI 99 - KARNATAKA HIGH COURT], it cannot be said that the view taken by the Assessing Officer of allowing exemption u/s 54F of the Act under the given facts and circumstances is unsustainable in law. Therefore, in our view, the Commissioner was denuded from exercising his revisionary jurisdiction u/s 263 of the Act having regard to the facts and circumstances of the present case. Resultantly, the impugned order of the Commissioner is set-aside and the assessment order dated 22.12.2009 (supra) qua the allowance of exemption u/s 54F of the Act is hereby restored. - Decided in favour of assessee.
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