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Tuesday, December 21, 2010

Revision u/s 263 by Commissioner

Where AO adopts one of the possible view permissible in law or where two views are possible and AO takes one of the possible views , commissioner cannot exercise his power u/s 263 to differ with view of AO even if there is a loss of revenue.

Honda Siel Power Products Ltd. ( Delhi ) 194 Taxman 175

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