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2016 (4) TMI 1245 - AT - Income TaxRevision u/s 263 - addition on the basis of seized documents - evidence found against assessee to connect with the addition on merit - Held that:- When matter in issue has been considered in appeal and decided by the appellate authority, same would not be subject matter of proceedings under section 263 of the Act. All the original seized material have already been considered by the Assessing Officer and the ld. CIT(Appeals), there was no justification to initiate the proceedings under section 263 after passing of the assessment order and the appellate order. Further, no evidence was found against assessee to connect with the addition on merit. Therefore, the issue is covered in favour of the assessee by order of ITAT Chandigarh Bench in the case of M/s R.P. Import & Export Pvt. Ltd. [2016 (5) TMI 91 - ITAT CHANDIGARH] and there is no justification for the ld. Pr. CIT to initiate proceedings under section 263 of the Act. Proceedings under section 263 are clearly beyond the competence of ld. Pr. CIT and whole proceedings are unjustified and unreasonable, therefore, the impugned order could not be sustained in law - Decided in favour of assessee.
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