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2012 (3) TMI 413 - ITAT MUMBAIRevision u/s 263 - Held that:- It is settled proposition of law, if the Assessing Officer has not applied his mind as no enquiry was conducted, then the order of the Assessing Officer is erroneous so far as prejudicial to the interest of revenue. The CIT has raised three specific issues for invoking provisions of sec. 263 and one of the issues is regarding overlooking material fact so far as the issue no.1 of the impugned order is concerned. Hence, when the Assessing Officer completely overlooked a significant fact having direct bearing on the issue, then it renders the assessment order as erroneous and gives powers to the CIT to invoke provisions of sec. 263. Where there is complete lack of enquiry and the circumstances demands an extensive enquiry at the level of the Assessing Officer, then the CIT is justified in directing the Assessing Officer to decided the issue denovo.- Decided against revenue
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