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2004 (4) TMI 47 - HC - Income TaxOrder under section 263 - In the present case the Commissioner after taking into consideration the assessment order and material on record came to the conclusion that the order of the Assessing Officer is erroneous inasmuch as it is prejudicial to the interests of the Revenue. Hence, there was valid assumption of jurisdiction under section 263 of the Act by the Commissioner and the Tribunal has not committed any error of law in confirming the order of the Commissioner of Income-tax in setting aside the assessment order under section 263 and directing the Assessing Officer to make fresh assessment for the assessment year 1998-99 after ascertaining the fair rental values of the properties let out by the assessee to his sister concerns and after ascertaining the cost of construction in respect of the property - when a case is picked up for scrutiny surely the duty of the Assessing Officer is to do a thorough investigation
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