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2014 (10) TMI 250 - RAJASTHAN HIGH COURTRevision u/s 263 – Prejudicial to the interest of revenue - Benefit of exemption u/s 10(38) - Held that:- The Tribunal was rightly of the view that in the face of the materials before him, the CIT could not have formed any opinion that the assessment order was erroneous - It recalled the findings of the AO and concluded that the CIT not having come to the conclusion that the assessment order was erroneous and no reasons having been recorded to demonstrate that the same was prejudicial to the interests of the Revenue, he was not justified to refer the matter back to the AO and that too, without examining the materials produced before him on the merits. The AO had consciously examined all relevant records in accepting the return submitted by the respondent assessee – CIT in spite of his incisive analysis of the factual details, did not find fault with any of the findings of the AO, culminating in the ultimate conclusion that the return of the assessee was acceptable as a whole – CIT did neither reject the said documents/records to be irrelevant, nor lacking in their probative worth - the revisional jurisdiction available to a Commissioner u/s 263 of the Act is essentially circumscribed by the determinant that the order of the AO is erroneous so much so that it is prejudicial to the interests of the Revenue - The word "considers" applied in the statutory provision involved, signifies a genuine satisfaction of that authority that the order of the AO is erroneous and that the interests of the Revenue is prejudicing thereby – the order of the Tribunal is upheld – Decided against revenue.
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