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2013 (8) TMI 437 - ITAT CHANDIGARHRevision u/s 263 - Adjustment made u/s 145A to the closing stock on account of excise duty - Held that:- In respect of the first objection of the Commissioner of Income-tax visa-vis the provisions of section 145A of the Act, the assessee had furnished audit report under which it has been certified that after the so-called adjustment made under section 145A of the Act, there was nil effect under the modvat account - Assessing Officer had not raised any query in respect of the provisions of section 145A of the Act. After the amendment to the said section 145A of the Act certain adjustments on account of excise duty to opening stock, purchases, sales and closing stock have to be made - The powers under section 263 of the Act are to be invoked on satisfaction of twin conditions of the order being both erroneous or prejudicial to the interests of the Revenue. Where the tax effect because of an order passed by the Assessing Officer is nil, such order even if erroneous being not prejudicial to the interests of the Revenue, is not open to revision under section 263 of the Act - Decided in favour of assessee.
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