CIT v. Amitabh Bachchan

The Thanjavur District Co Op Milk Producers Union Limited, Thanjavur vs. ACIT, Circle2(1), Trichy

In the result, appeal of the Assessee is Allowed

Bench: Shri Mahavir Singh, Vice- & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita No.404/Chny/2022 िनधा"रणवष" / Assessment Year : 2017-18 The Thanjavur District Co Op The Principal Milk Producers Union Limited, Vs Commissioner Of Income No.1, Nanjikottai Road, Tax-1, Madurai. Thanjavur – 613006. Pan: Aaaat 0224 E Appellant/ Assessee Respondent /Revenue Assessee By K.Meenakshisundaram - Itp Revenue By Shri M.Rajan – Cit(Dr) Date Of Hearing 23/08/2022 Date Of Pronouncement 21/11/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Appellant Assessee Against The Order U/S 263 Of The Income Tax Act (Act) Of The Principal Commissioner Of Income Tax Madurai-1, Dated 26/03/2022 For A.Y. 2017-18. The Assessee Has Raised Following Grounds Of Appeal: “The Order Under Section 263 Of The Income Tax Act Dated 26/3/2022 Received By The Appellant On 1/4/2022 Is Objected To On The Following Grounds Of Appeal. 1. The Learned Principal Commissioner Madurai Erred In Setting Aside The Valid Order Passed By The Assisstant Commissioner Of Income Tax Circle-2(1) Trichy Dated 5/11/2019 For The Assessment Year 2017- 2018 Under Section 263 On Mere Assumptions & Presumptions That The Order Had Been Erroneous & Prejudicial To The Interest Of Revenue. 2. The Learned Principal Commissioner Misdirected Himself That The Valid Order Passed By The Assisstant Commissioner Was Erroneous & Prejudicial To The Interest Of Revenue Simply For The Reason That The

…xplains that the AO had applied his mind to the documents submitted by the assessee. 5. Before we discuss the case further, we will like to mentions the relevant case laws on this issue. 5.1 The Hon’ble Supreme Court in the case of CIT Vs. Amitabh Bachchan, 384 ITR 200(SC) observed as under : “21. There can be no doubt that so long as the view taken by the Assessing Officer is a possible view the same ought not to be interfered with by the Commissioner under Section 263 of the Act merely on the ground that there is another possible view of the matter. Permitting exercise of revisional power in a situation where…