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2010 (9) TMI 352 - HC - Income Tax
Revision u/s 263 - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in cancelling the order passed by the CIT under sec. 263 of I.T. Act, 1961 and in holding that the assessment made by the Income-tax Officer was in accordance with law and not erroneous so as to be prejudicial to the interest of revenue – Commissioner opined that during assessment AO did not considered the seized material - Aggrieved by this order of the Commissioner, the assessee filed appeals in the Income-Tax Appellate Tribunal - The Tribunal came to the conclusion that the assessing officer made reasonably detailed enquiries and after processing the material, utilized the same for completion of the assessments – Based on the precedent judgement case was decided in favour of the assessee