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2022 (3) TMI 427 - AT - Income TaxRevision u/s 263 - Exemption u/s 11 eligibility - as per CIT AO has failed to examine the nature of investment in shares by the assessee - HELD THAT:- Since, the facts in the impugned AY are identical to the facts in AY 2014-15 and the reasons for invoking revisional powers in the impugned AY are similar to the reasons stated in AY 2014-15[2020 (12) TMI 1194 - ITAT MUMBAI] the findings given by the co-ordinate bench disapproving the action of CIT(E) in exercising revisional jurisdiction would mutates mutandis apply to the impugned AY. For the reasons stated above, we hold that the CIT(E) has erred in exercising revisional jurisdiction on the ground that the AO has failed to make necessary enquiries with regard to the nature of investments made by the assessee. Ergo, the impugned order is quashed and the appeal of assessee is allowed.
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