2013 (6) TMI 777

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....avan Ved (CIT-DR)   O R D E R   Per R.S.Syal ( AM) : This appeal by the assessee is directed against the order dated 28.3.2011 passed by the Commissioner of Income-tax u/s 263 of the Act, in relation to the assessment year 2006-2007. 2. Briefly stated the facts of the case are that the assessment in this case was completed u/s 143(3) determining total income at Rs. 13.65 cror....

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....asonable opportunity of being heard to the assessee. 3. We have heard the rival submissions and perused the relevant material on record. From the impugned order it is noticed that the only dispute is about the deductibility in full or otherwise of the FCCB issue expenses amounting to Rs. 2.35 crore. Whereas the assessee claimed deduction for such expenditure u/s 37(1) in one go which was accept....

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....evise such assessment order u/s 263. The scope of proceedings u/s 263 is confined to cases in which the assessment order is not only erroneous but also prejudicial to the interest of the revenue. If an issue is found to be settled in assessee's favour, then the CIT can not pass revisional order. Similarly if an issue is debatable, in the sense that two possible views exist on the issue and the ....