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2022 (4) TMI 453 - ITAT NAGPURRevision u/s 263 by CIT - order passed by AO u/s.143(3) r.w.s. 153A - Whether no incriminating material in the case of the assessee was found during the course of search proceedings conducted u/s.132(1)? - disallowance of business loss - HELD THAT:- When no incriminating material in the case of the assessee for the year under consideration was found during the course of search proceedings conducted u/s. 132(1) thereupon, the Assessing Officer in respect of the unabated assessment of the assessee could have only re-computed its completed assessment and was divested of his jurisdiction of making any independent addition/disallowance. As the Assessing Officer in the backdrop of his limited scope of jurisdiction could not have drawn any adverse inferences as regards the claim of forex loss, and therein made any independent addition/disallowance in the hands of the assessee, therefore, the order passed by him u/s. 153A r.w.s. 143(3) of the Act, dated 29.12.2016 being in conformity with the view taken in case of CIT Vs. Gurinder Singh Bawa [2015 (10) TMI 1761 - BOMBAY HIGH COURT] and CIT Vs. Deepak kumar Agarwal [2017 (9) TMI 850 - BOMBAY HIGH COURT] could not be dubbed as erroneous, failing which the same could not have been revised by the Pr. CIT. The order passed by the Pr. CIT u/s.263 cannot be sustained. We, thus, restore the order passed by the Assessing Officer u/s. 153A r.w.s.143(3) of the Act - Decided in favour of assessee.
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