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2020 (12) TMI 1194 - AT - Income TaxRevision u/s 263 - Exemption u/s 11 eligibility - dividend income received by assessee trust - HELD THAT:- As decided in Sir Dorabji Tata Trust [2020 (12) TMI 1121 - ITAT MUMBAI] observations so made by the learned Commissioner show that he has not even applied his mind to the undisputed facts of the case. If he had cared to look at paragraph 8 of the subject assessment order, he would have noticed that the Assessing Officer has already included the dividend income in the available gross receipts of the assessee trust and examined the application of the said income. That is beside the point that such an action was contrary to the claim of the assessee that once this income is held to be exempt under section 10(34), it cannot be brought to taxation under section 11 of the Act, and the rejection of the said claim is the subject matter of assessee’s appeal before the CIT(A). Clearly, what was being directed by the learned Commissioner was already done by the Assessing Officer, and, therefore, these directions clearly show that there was a clear and glaring non- application of mind to even undisputed material facts of the case. We, therefore, cannot approve justification of the subject assessment order being held to be ‘erroneous and prejudicial to the interests of the revenue’ for this reason as well. No other reason is pointed out to us. In view of the detailed reasons set out above, as also bearing in mind the entirety of the case, we hold the impugned revision order as devoid of legally sustainable merits. We, therefore, quash the impugned revision order. Respectfully following the views so taken, we hold that the impugned revision order is devoid of any legally sustainable merits. Accordingly, we hereby quash the impugned revision order - Decided in favour of assessee.
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