2003 (7) TMI 720

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....: "Whether on the facts and in the circumstances of the case, the CIT could assume jurisdiction under section 263 of the Income-tax Act, 1961?" There is no dispute at the Bar as Shri Mahajan as well as Shri Gulati, agree to the extent that the Commissioner of Income-tax while exercising his power under section 263 of the Income-tax Act, 1961 could pass the order taking into account the issue....