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2010 (10) TMI 490 - AT - Income TaxAddition of Income - The assessee-firm filed its return of income for assessment year 2004-05 on 29.7.2005 declaring total income of Rs. 20,51,886 - CIT called for the records of the assessment of this case which was passed u/s 143(3) and found the same as erroneous and prejudicial to the interests of the Revenue - CIT cancelled the order and directed the Assessing Officer to complete the assessment at the best by holding the assessment erroneous and prejudicial to the interests of the Revenue - The CIT, before exercising his jurisdiction under section 263, must have material on record to arrive at a satisfaction – As per the sale deed and order passed by the ld. CIT(A) dated 31.12.2007. In our considered opinion, the Assessing Officer has considered all the points which have been raked up by the ld. CIT – In so far 50C is concerned it was come with effect from 1.4.2003 - Moreover, most of the issues travelled upto the ld. CIT(A) and order of Assessing Officer had already merged with the order of the ld. CIT(A) and thereafter the ld. CIT ceases to have power to revise the same – Appeal is allowed
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