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2014 (2) TMI 136 - AT - Income TaxRevision u/s 263 of the Act – Held that:- The assessee has un-cleared goods and cheque bouncing details and by this he has reconciled the entire figure - It is to be mentioned here that the AO during the course of original assessment proceedings issued notice u/s. 133(6) of the Act calling for information from Mirc Electronics Ltd. and Mirc Electronics Ltd. in turn submitted ledger copy of assessee's account whereby complete purchase, cheque return, goods return are clearly mentioned. Once factually this is the position, there is no issue of revision of the assessment framed by the AO u/s. 143(3) of the Act - the assessee has a full proof case on the issue and the other aspects of the revision order of CIT that the revenue wants to verify these transactions, once the information is called by AO u/s 133(6) of the Act there is no further purpose for verification - the AO has verified the transactions and came to right conclusion. Revision order regarding commission paid – Held that:- The position that the nomenclature used by the assessee in his statement filed before AO as commission whereas this is only discount on the purchases by various parties - the details were filed before the AO during the course of assessment proceedings originally and even before CIT during the course of revision proceedings - As the assessee has filed complete details before the AO during the course of assessment proceedings and CIT in his revision order has observed that the AO needs verification of the same is without any purpose - It is for the CIT to point out as to what error was committed by the AO in having reached the conclusion accepting the reconciliation statement filed by the assessee qua the bank account of the assessee and purchases made - the commission disclosed by the assessee in a statement filed before AO and explained the same as discount has also been accepted - The CIT having failed to point out any error, no error can be inferred from the order of the AO for the simple reason that they are bereft of details - the revision order passed by CIT u/s. 263 of the Act is without any basis and deserves to be quashed – Decided in favour of Assessee.
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