2001 (11) TMI 47

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....HA BABU J.-The question referred to us is whether the Tribunal was right in law in upholding the order of the Commissioner dated March 25, 1987, made by him in exercise of his revisional power under section 263, the assessment year being 1982-83. The Commissioner having found that the assessee had suppressed the true value of the property which it had sold, that fact of suppression having come to ....

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....fers a wide power on the Commissioner, while exercising powers of revision. The Commissioner, when acting under section 263 of the Act, when he finds that the order sought to be revised is one prejudicial to the interests of the Revenue, he may, after giving an opportunity to the assessee of being heard and after making such further inquiry, as he may deem necessary, pass such orders thereon as th....

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....ioner had the discretion to set aside the assessment in whole or in part. The exercise of that discretion is not to be ordinarily interfered with unless the facts show that, that exercise of the discretion itself is required to be characterised as arbitrary. The facts before us do not justify any such inference of arbitrariness on the part of the Commissioner. We also do not see any prejudice h....