2014 (7) TMI 1085

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....n behalf of the appellant-The Commissioner of Income Tax. 2. This appeal challenges the order of the Income Tax Appellate Tribunal, Panaji Bench, Panaji in ITA Nos.135/PNJ/2011 and 136/PNJ/2011 dated 29th August, 2011, by which the two appeals against the order dated 24th March, 2011 made under Section 263 of the Income Tax Act, of the learned Commissioner of Income Tax, Panaji, Goa have been a....

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....he user has to pay the present value depending upon the quality and density of forest on the land in question. Pursuant to this notification, the Deputy Conservator of Forest, North Goa Division, Ponda, Goa determined the net present value to be paid by the assessee in respect of the mining lease at Rs. 2,13,98,160/- and raised a demand vide letter dated 11th April, 2005. After referring to the cl....

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....r as an expenditure of capital nature which the Assessing Officer has failed to do. The Commissioner of Income Tax, Panaji interfered with the Assessment Order under Section 143(3) of the Income Tax Act, 1961. 4. Aggrieved and dissatisfied with this order of the Commissioner of Income Tax, Panaji, Goa dated 24th March, 2011, that the assessee carried the matter in appeal to the Income Tax Appel....

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....he given facts and circumstances, could not have been said to be erroneous and prejudicial to the interest of the revenue, requiring interference under Section 143(3) of the Income Tax Act, 1961. 6. Without examining the broad question and the contour of the powers conferred on the revisional authority, in the present facts and circumstances, we are of the view that the findings of the appellat....