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2014 (4) TMI 863 - HC - Income TaxValidity of revisional jurisdiction u/s 263 of the Act – Search u/s 142(1) of the Act – Unaccounted sales – Held that:- The assessee was required to produce the copies of the accounts or confirmation in excess of Rs. 1 lakh which had not been filed, in the opinion of the Court displays grave error in the approach of the Tribunal - the note to the extent it is material cited that since there was pressure of time, the AO would finalize the assessment and invoke the powers to reopen the assessment later, if necessary, and so required - such approach is clearly erroneous and betrays an injudicious approach. Completion of the assessement without obtaining the full and complete information asked for by the AO himself would amount to a serious error in procedure and causes prejudice to the interest of the Revenue - When the CIT directed the AO to get the full information before taking a view, he was certainly not directing a fishing or roving enquiry nor was he directing the AO to follow a particular line of enquiry or investigation - in the final order all that the Commissioner did was to set aside the original assessment order and restored back the matter for reconsideration by the AO after granting opportunity of hearing to the assessee - The final order balanced the interest of the Revenue with the rights of the assessee who was afforded an opportunity to back its claim that such loans, deposits etc. were legitimate and genuine – Decided in favour of Revenue.
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