TaxTMI 
TaxTMI 
2014 (11) TMI 352
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.... 263 of the Income Tax Act 1961 by observing that as per provisions of Section 24(a) of the Income Tax Act, a deduction of 30% of annual rent is allowable. The Assessing Officer allowed the deduction on a sum of Rs. 4,00,71,000/- at 30% in stead of Rs. 2,14,82,000/-. That is the actual rent received according to the Assessing Officer and in arriving at that conclusion the Assessing Officer relied on the judgment of the Hon'ble Supreme Court in the case of Shambhu Investment Ltd. vs CIT, reported in 263 ITR 143 (SC). The Commissioner observed that this decision is not applicable inasmuch the rent and business services' or business center's incomes were received separately by the Assessee. Therefore, there ought to have been a seg....
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...., then the Tribunal's conclusion that there were two views and possible one, is unsustainable. That itself is a substantial question of law. Mr.Ahuja also submitted that that the matter was before the Commissioner, in a challenge to the original assessment order by the Assessee, does not mean that the Commissioner is precluded from exercising his powers of revision under Section 263 of the Act. That is a erroneous reading of Clause (c) of sub-section 1 of Section 263 and hence on this count as well the Appeal deserves to be admitted. 6. Dr.Shivram, relying upon the Tribunal's order, copy of which is at marked "X", submitted that the issue raised by the Revenue in this Appeal on the interpretation of Section 263 or the exercise unde....
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.... and Dr.Shivram, learned Sr.Counsel for the Assessee, we have perused the order passed by the Tribunal on 28 December 2011 and impugned in this Appeal for a limited purpose. 8. Our order passed, today, shall not be construed as expression of any opinion on the merits or having any hearing on the outcome of the quantum proceedings. The proceedings in that regard and pursuant to order of remand by the Tribunal in the Assessee's Appeal shall proceed on their own merits and in accordance with law and uninfluenced by what we have held in this order. 9. For the limited purpose of finding out whether this Appeal raises substantial question of law on the invocation of Section 263 of the Act by the Commissioner, we have perused the order caref....
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....ial Bench. Not only there are decisions of the Hon'ble Supreme Court on the point and which have been referred in Atmaram Properties Pvt. Ltd. (supra), but equally there is a judgment in the field in the case of Shambhu Investment Ltd. (supra) as well. Whether the reliance placed by the Assessing Officer on this judgment to arrive at the conclusion was well placed or whether he should have considered the matter in the light of the Special Bench decision is thus an aspect which has influenced the Tribunal in concluding that the ingredients of Section 263 are not satisfied. That is a possible view and which could have been taken. That the said view has been taken by itself was therefore not enough to invoke Section 263 is a conclusion rea....