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2014 (5) TMI 39 - AT - Income TaxRevision of an order - Jurisdiction of CIT u/s 263 of the Act – Held that:- The AO came to the conclusion after detailed examination of the facts and circumstances of the case and direction of the Tribunal - The observation of the CIT in the proceedings u/s. 263 of the Act is unwarranted - The AO having applied his mind came to the conclusion that there is no necessity of addition relating to the issue raised by the CIT - as there was enquiry by the AO, even assuming that it is inadequate, that would not give an occasion to exercise jurisdiction by the CIT u/s. 263 of the Act. Assessment order cannot be revised on the ground that a deeper enquiry should have been made or proper exercise was not done while making the assessment – there is no finding by the CIT that there is any loss of revenue and the impugned receipt was subject to tax in A.Y. 2004-05 - the order passed by the AO cannot be termed as erroneous or prejudicial to the interests of revenue so as to assume jurisdiction by the CIT u/s. 263 of the Act - The CIT having not brought on record any error or omission or failure on the part of the AO so as to make the assessment order erroneous or prejudicial to the interests of revenue, the order of the CIT passed u/s. 263 of the Act has no legs to stand – thus, the order of the CIT set aside – Decided in favour of Assessee.
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