| COURT: | ITAT Mumbai |
| CORAM: | B. R. Baskaran (AM), Sandeep Gosain (JM) |
| SECTION(S): | 263 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Revision |
| COUNSEL: | Ajay Singh |
| DATE: | March 23, 2016 (Date of pronouncement) |
| DATE: | April 1, 2016 (Date of publication) |
| AY: | 2004-05 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 263 revision cannot be initiated to conduct roving inquiries whether share application money share premium constitute undisclosed income | |
The scope of interference u/s 263 is not to set aside merely unfavaourable orders and bring to tax some more money to the treasury nor is the section meant to get at sheer escapement of revenue which is taken care of by other provisions in the Act. Power under Section 263 cannot be exercised for starting fishing and roving enquiries. In the garb of exercising power
under Section 263, the Commissioner cannot initiate proceedings with a view to
starting fishing and roving enquires in matters or orders which are already concluded
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