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TMI Blog2014 (2) TMI 795X X X X Extracts X X X X X X X X Extracts X X X X ..... capital one as it was connected with main activity - this cannot be said to be income, as rightly held on fact finding by the Assessing Officer initially and thereafter by the Tribunalthe Tribunal has taken a correct view of the matter as the Commissioner of Income Tax has no jurisdiction to reopen this case, because one of the two possible views was taken by the Assessing Officer and such change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avour of the appellant. However, on perusal of the impugned judgment we noticed that even this case is not fit for admission and the reasons for the aforesaid conclusion of ours are as follows: The short fact of the case is that the assessee respondent has filed a return for the assessment year 1995-96 showing nil income explaining that there has been no income after commencement of the business. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e returned is 'accepted'." The Revenue did not prefer any appeal against this order. However, the Commissioner of Income Tax, in exercise of jurisdiction under Section 263 of the Income Tax Act, had reversed the aforesaid order and directed that the aforesaid income would not have been capitalized and it should have been brought to tax under the head 'income from other sources'. Being aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he lease rentals were earned from the land which are developed for creating film shooting facilities/locations and it is directly connected with the main activity of the assessee, i.e., development of infrastructure for shooting locations. Learned CIT has not controverted the submissions of the assessee but merely stated in the order that unutilized land was utilized by the other group companies. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pen the issue under Section 263 of the Income Tax Act. Therefore, the Commissioner of Income Tax had passed the order in total illegal exercise of jurisdiction and the learned Tribunal has correctly upset the same. Accordingly, we do not find any merit in this appeal and the same is accordingly dismissed. There will be no order as to costs. I.T.T.A. No. 31 of 2007 Since the issue raised in this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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