2004 (5) TMI 52

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....irected against the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), dated August 1, 2003, allowing the appeal of the assessee against the order passed by the Commissioner under section 263 of the Income-tax Act, 1961 (for short, "the Act"). The assessee company is engaged in the business of manufacturing of drug intermediaries, electronic chemic....

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.... by the Assessing Officer was erroneous inasmuch as it was prejudicial to the interests of the Revenue and consequently he set aside the assessment framed by the Assessing Officer under section 143(3) dated March 15, 1995, and directed him to recompute the deduction under section 80HHC of the Act. Aggrieved by the said order, the assessee preferred an appeal before the Tribunal which has been a....

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.... the Assessing Officer was a possible view. We find no merit in this contention. For expressing a view, it is not necessary that it should be based on a judicial pronouncement. A view has to be expressed on the basis of the provisions of law as applicable to the facts of a case. It is not in dispute that the view expressed by the Assessing Officer is in conformity with the view subsequently exp....