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2021 (12) TMI 804 - ITAT KOLKATARevision u/s 263 by CIT - Income from other source in respect of profit and loss account under the caption “profit and loss account” in share trading of the assessee company was not properly verified by the AO - HELD THAT:- CIT has not commented on the nature of the business and the offer of the assessee of the rental income as the business income and totally ignored the assessee’s submission before the Assessing officer at the time of assessment proceedings u/s 143(3). CIT cannot say that there was inadequate enquiry or no enquiry at all. The decision of the Hon’ble Apex Court SHREE MANJUNATHESWARE PACKING PRODUCTS AND CAMPHOR WORKS [1997 (12) TMI 4 - SUPREME COURT] relied by the Pr. CIT is not applicable in the present case. CIT while passing the order under Section 263 of the Act has not shown any new material or has not come to the conclusion that there is escapement of income during the assessment proceedings. The order passed by the Pr. CIT in capacity of Section 263 is merely a second opinion and does not fall in the category of prejudicial to the interest of Revenue. In the present case the AO has taken cognizance of all the material provided by the Assessee during the Assessment Proceedings and after verifying the same has passed just and proper order. Thus, the Pr. CIT’s observation that no inquiry/insufficient enquiry made by AO, is incorrect and does not sustain. Thus, merely having a different opinion upon the treatment of any receipt cannot be the reason of invocation of section 263. Thus the appeal of the assessee is allowed.
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