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2016 (1) TMI 863 - ITAT CHENNAIRevision u/s 263 - as per CIT(A) Assessing Officer under section 143(3) allowing the claim of the assessee in considering peak credit on the cash deposits is without application of mind - Held that:- In the instant case, the Assessing Officer neither examined any details with regard to the request of the assessee to adopt peak credit nor made any enquiry before allowing such claim of the assessee while completing the assessment. Therefore, in view of the above discussion, we are of the view that the order passed by the Assessing Officer under section 143(3) allowing the claim of the assessee in considering peak credit on the cash deposits is without application of mind and without examining the correct position of law and therefore is certainly an order passed erroneously and prejudicial to the interests of the Revenue. Therefore, the Commissioner of Income Tax had rightly invoked the provisions under section 263 of the Act directing the Assessing Officer to redo the assessment under section 143(3) of the Act afresh. Accordingly, we uphold the impugned order of the Commissioner of Income Tax and reject the grounds of appeal raised by the assessee. - Decided against assessee
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