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2015 (10) TMI 2552 - ITAT HYDERABADRevision u/s 263 - turnover non disclosure - Held that:- We are of the view that on the facts and turnover available on record, AO has already verified and reconciled Form 16 of the respective companies. It shows that all the gross turnovers were properly reported and offered for tax. Relying on the judgment of the Hon’ble Gujarat High Court in case of CIT Vs. Smt. Minalben S. Parikh (1994 (10) TMI 9 - GUJARAT High Court ), there has to be twin test, not only erroneous but also prejudicial to the interests of revenue. In the given case, the turnover relating to assessee and JV companies were submitted before AO and also reconciled with the statutory form 16 filed by M/s FA CAO (Construction) and South Central Railway with books of the assessee and JV companies. It demonstrates that there is no escapement of income or prejudicial to the interests of revenue. Moreover, if we add the turnover of the JV companies to the assessee’s gross turnover, it amounts to double taxation. Accordingly, we hereby reject the observations of the Pr. CIT and quash the order passed by him u/s 263 of the Act. - Decided in favour of assessee.
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