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2012 (6) TMI 565 - AT - Income TaxRevision u/s 263 - Unexplained cash credit under section 69 of the Act – Held that:- When the creditors have furnished their confirmation regarding the transactions and their source of income and also furnished the facts of their being assessed with the Department, then in our opinion, all the three requirements as laid down by the precedents for proving cash credits stand fulfilled to the satisfaction of the Assessing Officer. But the appellate authority can further look into this aspect but not the CIT as has been done in this case. and the primary onus of the assessee gets discharged. On similar set of facts if he Assessing Officer has taken a decision, but which according to the ld. CIT, is not and should not be that decision, section 263 does not empower him to look on the issue from that aspect. The ld. CIT cannot replace his own opinion and substitute with that of the Assessing Officer. He can revise the assessment order only and only when the twin conditions i.e erroneous and prejudicial to the interests of the Revenue, are fulfilled. In this case, the assessment order is not at all erroneous, hence, it cannot be revised. order of the ld. CIT set aside and restore the assessment order. appeal stands allowed
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