CIT cannot use Section 263 to override the Assessing Officer's decision based on differing opinions about the material assessed.

CIT cannot use Section 263 to override the Assessing Officer's decision based on differing opinions about the material assessed. https://www.taxtmi.com/highlights?id=61151 Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The appreciation of material placed before the Assessing Officer is exclusively within his domain which cannot be interdicted by a superior officer while exercising powers u/s 263 of the Act on the ground that if he had appraised the said material, he would have come to a different conclusion - AT en-us Mon, 27 Dec 2021 06:37:14 +0530 Mon, 27 Dec 2021 06:37:14 +0530 TaxTMI RSS Generator CIT cannot use Section 263 to override the Assessing Officer's decision based on differing opinions about the material assessed. https://www.taxtmi.com/highlights?id=61151 Revision u/s 263 by CIT - receipt of share premium - the power of revision u/s 263 does not allow for supplanting or substituting the view of the Assessing Officer. The appreciation of material placed before the Assessing Officer is exclusively within his domain which cannot be interdicted by a superior officer while exercising powers u/s 263 of the Act on the ground that if he had appraised the said material, he would have come to a different conclusion - AT Highlights Income Tax Mon, 27 Dec 2021 06:37:14 +0530 https://www.taxtmi.com/highlights?id=61151