Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-13-1995
Reported in : (1996)56ITD345(Mum.)
..... in this appeal relates to the assumption of jurisdiction by the cit.2. the brief facts giving rise to this appeal are these. assessee is a partnership firm which acquired development rights in a plot of land at dahisar, bombay, in the year 1979 for a consideration of rs. 17,34,000.however ..... high court in the case of cit v. kanda rice mills [ 1989] 178 itr 446. besides this, he also relied upon the various decisions of the tribunal reported as indian aluminium co. ltd. v. cit  50 ttj (cal.) 281, mittal cotton factory v. ito  15 ttj (chd.) 64, mewar chemical products ltd. v ..... case it is not the case of the revenue that assessing officer had failed to apply his mind to any of the relevant provisions of the it act.the learned sr. departmental representative also relied heavily on the decision of the tribunal ahmedabad bench in the case reported as binoy k. varma s ..... order of the income-tax officer, issued a direction for making assessment afresh, which was not permissible under the provisions contained in section 263 of the act. the commissioner had to come to a firm decision that the order of the income-tax officer was erroneous and was prejudicial to the interests of ..... appeal is very limited i.e., whether on the facts of the case, the cit was justified in invoking the revisionary jurisdiction under section 263 of the act. it is well established by now that before invoking such jurisdiction, two conditions must be fulfilled viz. (i) that-the order of the assessing officer .....Tag this Judgment!