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2017 (3) TMI 1669 - AT - Income TaxRevision u/s 263 - incriminating material for the purpose of making addition in the assessment made pursuant to notice u/s 153A - Held that:- During the course of assessment proceedings, the appellant has filed detailed submissions/information corroborating the statements made u/s 132(4) of the Act. Now it is settled proposition of law that in case of assessment made pursuant to notice issued u/s 153A of the Act, addition should be confined or based on incriminating material alone. The AO is precluded to travel beyond the incriminating material for the purpose of making addition in the assessment made pursuant to notice u/s 153A of the Act. CIT was not justified in exercising power of revision when there was adequate inquiry by the AO and the view taken by the AO is one of the possible views. In this connection, we refer to the decision of the Hon’ble Bombay High Court in the case of CIT vs. Nirav Modi [2016 (6) TMI 1004 - BOMBAY HIGH COURT] wherein it has been held that the CIT was not justified in exercising power of revision where the AO, after due enquiry took one of the possible views. - Decided in favour of assessee.
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