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2022 (5) TMI 228 - ITAT NAGPURRevision u/s 263 - Validity of search proceedings return of income was filed by the assessee u/s.153A - as per CIT Satisfaction that the approval given under section 153D was also erroneous,while revising the order passed under section 153A r.w.s. 143(3) - HELD THAT:- Incriminating document found and seized in the course of the search proceedings from the residential premises of Dr. Chandrashekhar Pakhmude (supra) read a/w the latters statement recorded u/s 132(4) of the Act in the course of the search proceedings referred to a cash payment of Rs.70 lacs (supra) over and above those made through cheque, the Assessing Officer had vide his letter dated 12.10.2017 called upon the assessee to put forth an explanation as to why the aforesaid amount may not be added to his unaccounted income for the respective years When the Assessing Officer after exhaustive deliberations had accepted the explanation of the assessee and refrained from drawing any adverse inferences in its hand qua the issue in question i.e. contents of the seized loose sheet No.50/Bundle No.1, therefore, the Pr. CIT in the garb of exercise of his revisionary jurisdiction u/s.263 of the Act could not have sought for substitution of his view as against that arrived at by the Assessing Officer. We, thus, not being able to persuade ourselves to subscribe to the exercise of the revisionary jurisdiction by the Pr. CIT u/s.263 of the Act set-aside his order and restore the order passed by the Assessing Officer u/s.143(3) r.w.s. 153A - Decided in favour of assessee.
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