Law:

Section:

Section 263 of the Income-tax Act, 1961 - Revision - Of orders prejudicial to interest of Revenue - Assessment year 1972-73 - Original assessment order passed by ITO was set aside by High Court in a writ petition - Thereafter, ITO made a fresh assessment order and allowed interest under section 214 to assessee - Commissioner in exercise of power under section 263 initiated revision proceedings and modified ITO's order regarding payment of interest to assessee under section 214 - Whether in view of fact that petitioner - assessee will have ample opportunity to place on record all relevant facts and materials in support of its claim at time of adjudicating same by proper authority, it could not be said that order issued by Commissioner under section 263 suffered from any infirmity and any step taken by him was contrary to provisions of law - Held, yes - Whether, therefore, instant writ petition seeking to quash revision proceedings initiated by Commissioner, was to be dismissed - Held, yes FACTS For the relevant assessment year the ITO completed the assessment of the assessee company. The said assessment was set aside by an order of this court in a writ petition filed by the petitioner on the question of the liability of the petitioner. Subsequently, the ITO passed an order of assessment in which he enhanced the interest payable under section 214. Thereafter the Commissioner issued a notice under section 263 on the ground that interest which was payable under section 214 had to be allowed to the assessee with reference to the excess amount of advance tax paid after adjusting the payment made under sections 207 to 213 against the tax determined on regular assessment. On writ: HELD In the instant case it was not found that the order issued by Commissioner under section 263 suffered from any infirmity and any step taken by the respondent was contrary to the submissions and provisions of law. This court did not find that, in issuing the impugned order, there was any infringement of the right of the petitioner. The petitioner will have ample opportunity to place on record all relevant facts and materials in support of its contention at the time of adjudicating the…

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