Piem Hotels Ltd. vs Deputy Commissioner Of Income Tax

Whether the Commissioner of Income Tax (CIT) was justified in invoking revisional jurisdiction under section 263 to set aside the assessment order allowing depreciation on goodwill, on the grounds that the Assessing Officer (AO) failed to apply his mind and the order was erroneous and prejudicial to the Revenue's interests --- Held No, as the AO had examined the issue during assessment proceedings, and the claim was based on a permissible view of the law, making the revision invalid.