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2012 (11) TMI 1071 - HC - Income TaxRevision of assessment order - Essential twin conditions for invoking the revisional jurisdiction not fulfilled - Held that:- It is clear that the learned CIT had merely on a change of opinion and to substitute his own opinion about the deficiencies in the maintenance of the record by the assessee invoked the revisional jurisdiction and set aside the assessment order. This is not permissible under section 263 of the Act. Once the order of the assessing authority stood merged with higher appellate authority, the parallel authority on the administrative side, namely, CIT, even cannot revise later on the order passed by the assessing authority, which stood merged with the order of appellate authority. In the case of the present assessee itself, this Court on previous occasion in CIT v. Jain Construction Co. [1999 (9) TMI 26 - RAJASTHAN High Court], quashed the revisional order under section 263 of the Act. Findings arrived at by the Tribunal essentially remain findings of fact, which do not give rise to any substantial question of law, requiring consideration by this Court. Mere alleged insufficiency of the enquiry in the opinion of the CIT by the assessing authority, could not permit him to invoke the revisional jurisdiction under section 263 of the Act and, therefore, the essential twin conditions for invoking the revisional jurisdiction, namely, the impugned assessment being erroneous as well as prejudicial to the interest of Revenue, were not at all satisfied in the present case. - Decided against the revenue.
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