TaxTMI 
TaxTMI 
2012 (10) TMI 600
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....sessee-appellant has challenged correctness of learned Commissioner's order dated 5th March, 2012, passed under section 263 r.w.s. 143(3) of the Income Tax Act, 1961, for the assessment year 2007-08, on the following grounds :- (1) For that the order of the ld. CIT(A) is arbitrary, illegal and bad in law. (2) For that the ld. CIT erred in passing the order u/s. 263 when he himself ad....
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....ted by the Assessing Officer, is in consonance with the judicial precedents on the issue. While the Commissioner was of the view that the provisions of section 115JB will be attracted when actual normal tax liability, after allowing rebate under section 88E, is less than tax computed under section 115JM, the Assessing Officer had accepted that it's normal tax liability, prior to allowing rebate un....
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....to do under MAT. The AO is directed to charge tax at Rs. 28,12,506/-. The impugned order stands revised accordingly". 4. Learned Commissioner is clearly in error. The powers under section 263 cannot be exercised to safeguard the interests of the revenue, unless the order so subjected to revision is "erroneous and prejudicial to the interest of the revenue", and an order cannot be classified in th....