TaxTMI 
TaxTMI 
2018 (9) TMI 291
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.... and 1998- 1999 had resulted in the Commissioner's exercise under Section 263 of the I. T. Act being reversed and the Assessee's Appeal allowed. Two contentions are raised before us by Mr. Suresh Kumar while emphasising that the present Appeal raises substantial questions of law. He would submit that the Tribunal's understanding on limitation for the exercise of powers under Section 263, is wholly contrary to the statutory provision. 3. Alternatively and without prejudice, Mr Suresh Kumar would submit that even on merits, the Tribunal was not right in holding that the order under Section 263 goes beyond the parameters prescribed by that provision and therefore the Commissioner committed an error. Thus, Mr. Suresh Kumar would submit that on....
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.... faulted the exercise of power under Section 263 by the Commissioner on the ground that the Commissioner has exercised this power so as to disable the Assessing Officer to give effect to the binding order and direction of the Tribunal. In that the Tribunal after referring to the order under Section 263 of the I. T. Act held that the claim of deduction under Section 80-I of the I. T. Act in respect of captive power plant was allowed by the Tribunal. The Commissioner proceeds on the footing that the claim of the deduction is allowed but not the computation as made in respect of this deduction. Thus, it was open for the Assessing Officer to dispute the computation of this deduction made by the Assessee and that he was empowered to do as the Tr....
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....en the methodology is laid down in the revisional order of the Commissioner. The Commissioner goes beyond this as well and then comes to the conclusion that the adoption of allocating profit in the ratio of assets will make the operation of sub-section (6) of Section 80-I of the I. T. Act ineffective. 7. To our mind, this is the exercise which the Assessing Officer could never have carried out while giving effect to the order of the Tribunal. How subsection (6) of Section 80-I is rendered ineffective by the exercise carried out by the Assessee ought to have been pointed out to the Tribunal itself. If the Revenue was aggrieved, it could have carried the matter to a higher Court challenging the Tribunal's order. However, in the garb of revis....