9911796707
TMI Blog2009 (11) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... ail nor any such finding to this effect has been recorded – Tribunal further hold that merely subjective difference in opinion of the Assessing Officer and the Commissioner of Income Tax cannot be termed as erroneous - held that - is well settled that power under Section 263 could be exercised only if the order of the Assessing Officer was erroneous and prejudicial to the interest of the revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he circumstances of the case, the Hon'ble ITAT is justified in law in quashing the impugned order under Section 263 of the Income Tax Act, 1961 passed by the Chief Commissioner of Income Tax (OSD) by holding that neither any specific defect in the assessment order has been pointed out in detail nor any such finding to this effect has been recorded whereas while passing the order u/s 263 of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year under assessment and as such it was not subjective difference of opinion but a clear case of an erroneous assessment which was also prejudicial to the interest of revenue?" 2. The Assessing Officer made assessment under section 143 (3) in respect of the respondent's income. The CIT (A), exercising his power under Section 263, set aside the assessment and directed fresh assessment. On a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the appellant. 4. It is well settled that power under Section 263 could be exercised only if the order of the Assessing Officer was erroneous and prejudicial to the interest of the revenue. From the finding of the Tribunal, it is clear that the order of the Assessing Officer had not been shown to be erroneous by the Commissioner and in such a situation, the Tribunal rightly quashe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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