2010 (11) TMI 157

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....wo appeals, the only question raised is whether the Tribunal was justified in cancelling the suo motu revisional order issued by the Commissioner of Income-tax under section 263 of the Income-tax Act for the reason that the order sought to be revised was the revised assessment issued under section 147, which was rectified under section 154 for modification of interest levied under section 234D. ....

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....r revised assessment issued under section 147 or even a rectification order issued under section 154, could be revised in exercise of powers under section 263, if the order is erroneous or is prejudicial to the interest of the revenue. We, therefore, allow ITA No. 1037/2009 by reversing the order of the Tribunal and by restoring the order issued by the Commissioner under section 263. 3. Insofar....