Allowing the appeal of the assessee the Tribunal held that; exemption claimed in share of profit which was credited to partners account , exemption was claimed u/s 10(2A) of the Act which was allowed by the Assessing Officer . The Tribunal held that , view of the Assessing Officer was possible view, Commissioner cannot revise the order merely because he did not agree with the view of the AO , hence revision was held to be not valid . ( AY. 2013-14)
Vinod Agarwal v. CIT (2018) 61 ITR 598 (Kol) (Trib) Shyam Sundar Agarwal v. CIT (2018) 61 ITR 598 (Kol) (Trib) Ramnaresh Agarwal v. CIT (2018) 61 ITR 598 (Kol) (Trib) Pawan Kumar Agarwal v. CIT (2018) 61 ITR 598 (Kol) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue –Exemption was claimed in respect of share of profit was credited to partners account – Two views possible – Revision was held to be not valid [ S.10(2A)]