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2021 (9) TMI 694 - AT - Income TaxRevision u/s 263 - provision(s) made and debited to its P&L A/c towards the varied price of natural gas supplied by M/s.Gas Authority of India Ltd. (GAIL) - HELD THAT:- Assessing Officer’s regular assessments forming subject matter of revision herein framed on 02-03- 2016 and 31-08-2016 had rightly not disallowed the assessee’s provisions(s) qua its gas pricing. And that the learned PCIT herein therefore has erred in law and on facts in holding the same to be erroneous ones causing prejudice to the interest of the Revenue. We make it clear that the hon'ble apex court’s landmark decision Malabar Industrial Co. Vs. CIT [2000 (2) TMI 10 - SUPREME COURT]has settled the law that an assessment has to be both erroneous as well as causing prejudice to interest of the Revenue before the CIT or the Pr.CIT; as the case may be, assumes Section 263 revision jurisdiction. We therefore accept the assessee’s sole substantive ground. Un-explained cash deposits forming part of “other expenses” - assessee’s case before us is that the same represents “cash discount” than “cash deposits” - HELD THAT;- We are of the opinion in this factual backdrop that the instant latter issue requires afresh factual verification at the Assessing Officer’s end. We therefore uphold the learned Pr.CIT’s directions in principle and leave it open for the Assessing Officer to consider and examine the instant latter issue in AY.2014-15’s consequential proceedings as per law.
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