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2017 (3) TMI 888 - AT - Income TaxRevision u/s 263 - Held that:- There is no force in learned PCIT former reason holding that the Assessing Officer failed to conduct any enquiry before finalizing the above regular assessment. Page 20 of the paper book duly contains Section 142(1) notice dated 07.03.2013 raising a specific query at no.4 at page 24 thereby proposing to add the sum in question of ₹ 48crores. The ultimate fact is that he nowhere made the said addition in above regular assessment. We quote judgment in CIT vs. Gabriel India Ltd. [1993 (4) TMI 55 - BOMBAY High Cour ] holding that the mere fact that an Assessing Officer does not discuss the relevant issue in assessment order nowhere renders the assessment in question to be a case of no inquiry in case he has examined the said issue in the course of scrutiny. It is further evident that a co-ordinate bench in assessee’s case itself reported that [2014 (10) TMI 617 - ITAT AHMEDABAD] has already reversed an identical exercise of Section 263 jurisdiction in the immediate preceding assessment year by holding that the Assessing Officer had duly conducted the necessary inquiry before finalizing the said regular assessment. Whether the assessee’s remuneration in question could be held to be income from other sources or attempt to cause substantial loss to the Revenue? - Held that:- We notice herein as well that the assessee’s payer has already disallowed the sum in question of ₹ 48crores (supra). Learned counsel files before us copy of its assessment order in scrutiny accepting the said disallowance. We observe in these peculiar facts that it would not be proper for the Revenue to adopt different course of action in case of a payer and a payee since the assessee is entitled to make corresponding adjustment u/s. 28(v) of the Act. We accordingly find force in assessee’s arguments challenging learned PCIT’s order passed u/s.263 of the Act. The same is therefore reversed. - Decided in favour of assessee
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