https://www.taxtmi.com/caselaws?id=184679 The Tribunal found that the Commissioner of Income Tax (CIT) exceeded his jurisdiction under section 263 of the Income Tax Act by passing revision orders against the assessee. The Tribunal held that the Assessing Officer (AO) had conducted a proper enquiry and taken a plausible view supported by judicial precedents regarding the taxability of the amount received by the assessee on retirement from partnership firms. As a result, the revision orders were quashed, and the appeals of the assessee were allowed, emphasizing that revisionary powers cannot be invoked solely based on a difference of opinion when the AO's view is reasonable. en-us Thu, 18 Dec 2014 00:00:00 +0530 Sat, 16 Jul 2016 12:00:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184679 The Tribunal found that the Commissioner of Income Tax (CIT) exceeded his jurisdiction under section 263 of the Income Tax Act by passing revision orders against the assessee. The Tribunal held that the Assessing Officer (AO) had conducted a proper enquiry and taken a plausible view supported by judicial precedents regarding the taxability of the amount received by the assessee on retirement from partnership firms. As a result, the revision orders were quashed, and the appeals of the assessee were allowed, emphasizing that revisionary powers cannot be invoked solely based on a difference of opinion when the AO's view is reasonable. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184679