2014 (6) TMI 928

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iew of the matter. This is one more attempt when resort to section 263 of the Act is found to be unsupportable and now an attempt is made before the higher Court to show that the view taken by the Assessing Officer and which was a possible one, raises substantial question of law and hence Appeal under section 260A of the Act is is maintainable. 3. We are constrained to make the above observations in the light of the peculiar facts of the case. The Assessee before us is a Company incorporated and registered under the Indian Companies Act 1956. It availed of benefit of Sales Tax Deferment Scheme 1989 of the Government of Rajasthan. The Scheme provided for deferred payment of 50 % of Sales Tax liability under the Rajasthan Sales Tax Act upt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the customers, according to the Commissioner. He therefore held that both conditions enabling him to invoke this provision viz. Sections 262 and 263 of the Act are satisfied and he passed the order impugned by the Assessing Officer before the Tribunal. 5. The Assessee submitted before the Tribunal that the view taken by the Assessing officer could not have been questioned and in the manner done by the Commissioner. The Assessee was essentially aggrieved by invocation of section 263 of the Income Tax Act by the Commissioner. The Assessee submitted that the Commissioner's order be quashed. To support the argument that the view taken by the Assessing Officer is a possible one, the Assessee relied before the Tribunal on an order passed ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rge that apart from the mattes falling within the legal provision viz. Section 263 of the Act, even on merits, the Tribunal's Full Bench has not decided the issue in proper perspective. 10. Therefore, the argument before us by Mr Ahuja that the finding of the Tribunal on applicability of section 263 of the Income Tax Act 1961 may be sustained but the Appeal still deserves admission on applicability of section 41(1) of the Act, we are unable to agree with Mr Ahuja. If the Tribunal's order is perused, the Tribunal merely emphasized on the Commissioner that he could not have invoked section 263 of the Income Tax Act in the given facts and circumstances but the Tribunal emphasized the fact that despite the authoritative pronouncem....