CITY AND INDUSTRIAL DEVELOPMENT CORPORTAION OF MAHARASHTRA LTD.,MUMBAI vs. PR. CIT - 15, MUMBAI

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ITA 2840/MUM/2019Status: DisposedITAT Mumbai16 October 2019AY 2014-1538 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Pr. CIT cannot invoke Section 263 when two views are possible, as established by Supreme Court judgments. Since the Assessing Officer's assessment was based on a plausible view, and the Pr. CIT's view was another possible interpretation, the Pr. CIT's order was considered erroneous.

What were the facts?

The assessee company claimed exemption under Section 10(20A) until AY 2002-03. Following its omission, the Pr. CIT initiated proceedings under Section 263, considering the Assessing Officer's order erroneous and prejudicial to revenue. The assessee argued that the AO followed previous ITAT orders and High Court decisions, making the Pr. CIT's action invalid.

What were the issues?

Whether the Pr. CIT's revisionary order under Section 263 was justified when the Assessing Officer's assessment was based on a possible view, and whether the assessee's income was taxable given its status as an agent of the State Government.

Which sections of the Income-tax Act were involved?

Section 10(20A),Section 143(3),Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “C”

Before: SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to :

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