9911796707
TMI Blog2024 (12) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... unal and therefore, in the light of decision rendered by tribunal, the Commissioner of Income Tax committed an error in holding that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of the revenue. Accordingly, the order passed by the Commissioner of Income Tax was set aside. The Supreme Court in G.M. Mittal Stainless Steel (P.) Ltd. [ 2002 (12) TMI 13 - SUPREME COURT ] has held that power under Section 263 of the Act has to be exercised on the basis of the material, which was available at the time when the Commissioner of Income Tax passed an order, the order passed by the tribunal was operative and therefore, the Assessing Officer's order could not have been termed as erroneous. Merely because th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equently, the case of the assessee was selected for scrutiny and notices under Section 143(2) and 142(1) of the Act were issued to the assessee on 13.09.2010. The Assessing Officer by an order dated 11.11.2011 inter alia made certain additions / disallowances. The Commissioner of Income Tax invoked the powers under Section 263 of the Act inter alia on the ground that the order passed by the Assessing Officer is perverse and is prejudicial to the interest of revenue inasmuch as out of provision of Rs.407,35,36,368/- made for depreciation on investment by the assessee, the Assessing Officer has added only Rs.2,32,66,62,407/- relating to investments in India and excluded a sum of Rs.1,74,68,73,967/- pertaining to investments outside India. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter afresh in accordance with law. It is submitted that in view of the order passed by this court, the order passed by the tribunal deserves to be set aside and the matter be remitted to the Assessing Officer for decision afresh in accordance with law. 5. On the other hand, learned counsel for the assessee submitted that merely because a decision on which reliance is placed is subsequently set aside, cannot furnish a ground to treat an order as erroneous. It is further submitted that the Commissioner of Income Tax has to exercise the power on the basis of the material, which was available to him at the time of passing of the order. Insupport of aforesaid submission, reliance has been placed on decision of the Supreme Court in 'COMM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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