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2016 (5) TMI 1290 - AT - Income TaxRevision u/s 263 - unsecured loans unexplained - assessment order held to be “erroneous” - Held that:- It is an undisputed fact of the present case that all the necessary details regarding the unsecured loans along with confirmation and the details regarding the share capital raised from Hillridge Investment Ltd. were again submitted during the revision proceedings vide letter dated 17.2.2015 of the assessee and the learned Principal Commissioner has simply asked the Assessing Officer to reexamine it. The Assessing Officer in his proposed letter sent to the Learned CIT has stated that proper inquiry could not be made due to paucity of information and heavy work load/oversight. This itself supports the case of the assessee that present case is not the case of lack of inquiry but a case of inadequate inquiry on the basis of which an assessment order cannot be held “erroneous” and when an assessment order is not erroneous, it cannot be held as prejudicial to the interest of Revenue. We thus hold that the order impugned is not a valid order as per the requirements laid down under the provisions of sec. 263 of the Act. The same is quashed and in result assessment order passed under sec. 153A read with section 145(3) of the Income-tax Act, 1961 on 28.3.2013 is restored. The grounds involving the issues regarding the validity of the order passed under sec. 263 of the Act are accordingly allowed. - Decided in favour of assessee
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