The Commissioner of Income tax issued a notice of revision on the ground that the deduction of interest allowed by the Assessing Officer is held to be not allowable. On a writ petition to quash the notice, the Court held that, the view adopted by the Assessing Officer was after proper scrutiny of relevant facts and clearly a plausible view and therefore, not open to revision at the hands of the Commissioner. ( AY.2009 -10)
Micro Inks Limited v. CIT (2018) 407 ITR 681 (Guj) (HC)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Allowability of interest -Assessing officer taking plausible view after proper enquiry — Order is not erroneous and cannot be revised. [ S.57(iii)]