2015 (9) TMI 395 - SCH - Income Tax

Power of Commissioner u/s 263 Held that - The decision of HC confirmed 2014 (2) TMI 1033 - KARNATAKA HIGH COURT commissioner cannot exercise the power of revision solely on the ground that the order passed is erroneous - if one of the requirements for satisfaction of taking action under Section 263 of the Act is absent, then recourse cannot be made to Section 263 of the Act - The Commissioner cannot invoke his revisional power to correct each and every type of mistakes committed by the Assessing Officer Decided against Revenue. Interpretation of section 13(1)(d) of the Act Held that - It is only the income from such investment or deposit which has been made in violation of Section 11(5) of the Act that is liable to be taxed and that violation under Section 13(1)(d) does not tantamount to denial of exemption under Section 11 on the total income of the assessee - in case of contravention of Section 13(1)(d), maximum marginal rate of tax under Section 164(2), proviso is applicable only to that part of income of the Trust which has forfeited exemption and not the entire income thus, the entire income of the respondent-Trust cannot be assessed for the tax - decision of HC confirmed 2014 (2) TMI 1033 - KARNATAKA HIGH COURT Decided against Revenue.