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2016 (11) TMI 712 - ITAT HYDERABADRevision u/s 263 - Held that:- As held by the Hon'ble Delhi High Court in the case of ITO Vs. D.G. Housing Projects Ltd., (2012 (3) TMI 227 - DELHI HIGH COURT ), the CIT has to make enquiries himself to arrive at the conclusion that the assessment order is both erroneous as well as prejudicial to the interest of the Revenue. CIT cannot direct the AO to make enquiries as to whether the assessment order is erroneous as well as prejudicial to the interest of the Revenue. As the CIT in the present case has failed to satisfy the above conditions, we are of the opinion that the revision order is not sustainable. Further, the source of the capital introduced by the partners has to be examined in the hands of the individual partners. The assessee has already explained the source and the CIT has not found the said sources as not acceptable. Therefore, we set aside the revision order u/s 263 of the Act. - Decided in favour of assessee
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