Allowing the appeal of the assessee the Tribunal held that Assessing Officer had taken a conscious decision regarding non-applicability of S. 2(22)(e) to loan amount in question while passing the original assessment order. Accordingly the revision is held to be not valid. (AY. 2008-09, 2011-12)
Mantri Tea Company (P.) Ltd. v. PCIT (2019) 177 ITD 192 (Kol.) (Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue– Loan from group companies-Assessing Officer had taken a conscious decision regarding non-applicability of section 2(22)(e) to loan amount in question while passing the original assessment order – Revision is held to be not valid. [S. 2(22)(e), 143(3), 153A]