Dismissing the appeal of the revenue the Court held that the Tribunal was justified on the facts in holding that the Commissioner had no power to revise the assessment under section 263 for inadequacy of enquiries by the Assessing Officer or insufficiency of material on record. Court also held that the Tribunal had rightly quashed the revisional order passed by the Commissioner under section 263 and was justified in condoning the delay of 360 days. (AY. 2007-08)
CIT v. Cyber Park Development and Constructions Ltd. (2021) 430 ITR 55/276 Taxman 460 (Karn.)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commissioner had no power to revise assessment for inadequacy of enquiries or insufficiency of material on record-Order of Tribunal is affirmed- Condonation of delay of 360 days is held to be justified. [S. 254(1)]