2012 (7) TMI 946

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.... of the learned Tribunal dated 25th October, 2011 in relation to Assessment Year 2006-07 on the following suggested formulation of point of law :- "Whether on the facts and circumstances of the case, the Learned Tribunal was justified in law in holding that the assessment order is not erroneous and prejudicial to the interest of the revenue and accordingly the order under section 263 of t....

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.... was available before the Assessing Officer at the time of framing of assessment and he has given his finding in his order passed under Section 143(3) of the Act." After recording the aforesaid the learned Tribunal found that CIT has no jurisdiction as a precondition for exercising power under Section 263 viz., the order is erroneous and it is prejudicial to the interest of the revenue were not....