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2023 (2) TMI 743 - ITAT KOLKATARevision u/s 263 - Amount received which according to the CIT remained unverified as the said party has failed to respond to the notice received u/s 133(6) - HELD THAT:- The Hon’ble Supreme Court in the case of Malabar Industries Co. Ltd [2000 (2) TMI 10 - SUPREME COURT] has held that where AO has adopted one of the courses permissible in law and which has resulted in loss to the revenue; or where two views are possible and the AO has taken one view with which the Commissioner does not agree, then the assessment cannot be treated as erroneous insofar as it is prejudicial to the interest of the revenue, unless the view taken by the Assessing Officer is not sustainable in law. Also in the case of Max India Ltd. [2007 (11) TMI 12 - SUPREME COURT] as held that when the AO has adopted one of the courses permissible in law and it has resulted in loss of revenue; or where two views are possible and the AO has taken one view with which the Commissioner does not agree, the assessment order cannot be treated as erroneous order prejudicial to the interest of the revenue, unless the view taken by the Assessing Officer is unsustainable in law. In the case of Gabriel India Ltd. [1993 (4) TMI 55 - BOMBAY HIGH COURT] as held that, the ld. Pr. CIT cannot initiate proceedings with a view to starting fishing and roving enquiries in matters or orders which are already concluded. Thus we hold that the revisionary jurisdiction was invalidly invoked by the ld Pr CIT and consequently quash the order passed u/s 263 of the Act. The appeal of the assessee is allowed.
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