1997 (12) TMI 654

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..... (1) whether, on the facts and circumstances of the case, the Appellate Tribunal was legally correct in cancelling the order passed by the Commissioner, Meerut under section 263 on the view that the assessment order passed by the ITO was not erroneous and prejudicial to the interest of revenue, (2) whether the Tribunal was right in taking the view that the liability of the estimated expenditure of .....

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..... ar. On appeal by the assessee to the Appellate Tribunal the order under section 263 was set aside and the assessment order was restored. The Tribunal relying upon a decision of this Court in CIT v. Development Trust (P.) Ltd. [1991] 189 ITR 504/ 55 Taxman 200 held that the liability to incur the expenses on account of development work and electrification of the colony was certain as per the sale a .....

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..... e Tribunal in its order has referred to certain other decisions of other High Courts in support of the view it has taken but it is not necessary to multiply decisions. Suffice it to say that in Calcutta Co. Ltd. v. CIT [1959] 37 ITR 1 (SC), the Supreme Court has also expressed a similar view as taken by this Court and by the Tribunal. That was also a case of development. 4. In view of the decis .....

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