2012 (7) TMI 977

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....ondent O R D E R Per Pramod Kumar: 1. By way of this appeal, the assessee-appellant has challenged correctness of learned Commissioner's order dated 6th March, 2012 passed under section 263 r.w.s. 143(3) of the Income Tax Act, 1961, for the assessment year 2008-09. 2. The short issue on which impugned revision order is passed is as follows :- "Vide Finance Act No. 2 of 1996, the law relat....

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....e. beyond assessment years 2004-05/ 2005-06). Hence, proceedings u/s. 263 of the I.T. Act was initiated". 3. In all fairness, learned Commissioner did note that the stand of the assessee was actually supported by Hon'ble Karnataka High Court's decision in the case of Karnataka Cooperative Milk Producers Federation Ltd. -vs.- DCIT (53 DTR 81) and by Amritsar Bench of this Tribunal in the case of I....

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....ich was accepted in the original assessment proceedings, is a view which has been held by Hon'ble Karnataka High Court in the case of Karnataka Cooperative Milk Producers Federation Ltd. (supra) and there is nothing to the contrary thereto by Hon'ble jurisdictional High Court. This view, therefore, is not only a reasonable view of the matter but, as the law currently is correct view of the matter.....