9911796707
TMI Blog2005 (12) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... al by the assessee (is) against the assumption of power by the learned CIT under section 263. The section 263 order is dated 23-3-2005. 2. The learned counsel for the assessee vehemently argued that there is no justification for the learned CIT to assume the power under section 263, as the conditions were not satisfied. There is no error prejudicial to the interest of the Revenue crept in the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diture. In respect of payment by cheque/draft it is not possible for us to verify whether the payments have been made otherwise than by crossed cheque/drafts as the necessary evidence in this regard is not in the possession of the entity." The learned counsel for the assessee further relied on the decision of the Hon'ble Madhya Pradesh High Court in the case of CIT v. Mohd. Ishaq Mohd. Gulam [200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decisions cited by the learned counsel for the assessee (is) clearly applicable to the case present before us. Section 263 is a discretionary power vested with the CIT. The CIT is vested with this power so as to check the loss to Revenue. While exercising this discretionary power, the CIT has to satisfy himself that the order of the Assessing Officer is both erroneous and prejudicial. These two c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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