2012 (4) TMI 634

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....j, Advocate and R.N. Shetty Trust For the Respondents:- By Sri.S.Sukumar, Advocate JUDGMENT The revenue has come up in these appeals challenging the legality and correctness of the order passed by the Income Tax Appellate Tribunal, Bangalore Bench in ITA No.662/2008 and ITA No.663/2008 for the assessment year 2003-04 and 2004-05. 2. The respondent assessee was the appellate before the Income T....

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....,57,83,460/- and ₹ 2,59,09,860/- respectively and exemption was claimed under section 11 of the Act. The order of assessment was concluded. Later, the Commissioner of Income Tax exercising his suo moto power under section 263 of the Act came to the conclusion that the order of the Assessing Officer is erroneous and prejudicial to the interest of the revenue. He noticed certain irregularities....

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....ficer if any of the view is taken by the Assessing Officer, the same cannot be a ground to exercise powers by the Commissioner of Income Tax under section 263 of the Act. Accordingly, the appeals were allowed. This order is called in question in these appeals by the revenue. 5. The learned counsel for the appellant Mr. Raviraj submits that the Tribunal did not consider the several irregularities ....

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....vision was not applicable to the facts of the case. 7. Having heard the learned counsel for the parties, we have noticed that the Commissioner has find fault with the findings of the Assessing Officer on the ground that the Assessing Officer did not consider the points (a) to (h) relied upon by him. But the Tribunal has held that these grounds will not arise at all for consideration. The fact rem....