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2014 (1) TMI 289 - AT - Income TaxValidity of invoking assessment u/s 263 - Held that:- The AO had made detailed enquiry in respect of share application money and also in respect of trading activities of the assessee. The assessee had filed necessary details with supporting evidences to discharge its onus - After considering the reply of the assessee and after verifications and enquiries made by the AO, the AO finally came to the conclusion that no addition was required in respect of share application money - The conditions for invoking power u/s 263 was not fulfilled as the order passed by AO was not erroneous - It has been further observed by the Tribunal that the scope of interference under section 263 is not to set aside merely unfavourable orders and bring to tax some more money to the treasury, nor is the section meant to get at sheer escapement of revenue which is taken care of by the other provisions of the Act - There was neither incorrect assumption of facts nor there was incorrect application of law by the A.O. while passing the assessment order - Under such circumstances the invocation of jurisdiction under section 263 of the Act by the CIT was not justified - Decided in favour of assessee.
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