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2014 (9) TMI 195 - AT - Income TaxJurisdiction of CIT u/s 263 Lease amount received Held that:- The AO failed to make any sort of enquiries in respect of taxability of the lease rent derived by the assessee from M/s. TRIL Infopark Ltd on the land alienated by the Government of Tamil Nadu to TIDCO which in turn was leased out to M/s. TRIL Infopark Ltd. the AO has not gone into the transaction as rightly pointed out by the CIT and in the absence of any enquiry whatsoever by the AO and forming any opinion on the transaction except requiring the assessee to furnish details, the order passed by the AO is certainly erroneous and prejudicial to the interests of the Revenue - The AO should have examined the transaction in depth as to whether the lease transaction between the assessee and M/s. TRIL Infopark Ltd and lease rent reported by the assessee is in accordance with law and statue and since has completely failed to examine these transactions, the order passed by the AO is erroneous and prejudicial to the interest of the Revenue - relying upon M/s. Ashok Leyland Ltd. Vs. CIT [2002 (9) TMI 65 - MADRAS High Court] - since the AO failed to enquire into the matter thoroughly the assessment order passed u/s 143(3) of the Act is erroneous and prejudicial to the interest of the Revenue - the order of the CIT u/s 263 of the Act is upheld in directing the AO to complete the assessment afresh Decided against assessee.
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