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2014 (7) TMI 1003 - HC - Income TaxRevision u/s 263 - Disallowance u/s 14A – Held that:- Without pronouncing whether the figures given by the assessee were incorrect, the Commissioner recorded that this required verification from the records - This is impermissible and cannot be allowed u/s 263 as the Commissioner must reach the finding that the assessment order restricting disallowance under Section 14A to ₹ 45,07,413/- was erroneous and incorrect – order of the Tribunal upheld – Decided against Revenue. Loans/assets written off – Held that:- Once inquiries were conducted and a decision was reached by the AO, it cannot be said that it was a case of no inquiry - the Commissioner must reach a finding that the finding of the AO was erroneous, not because no inquiries were conducted, but because the final finding was wrong and untenable - order of the Tribunal upheld – Decided against Revenue. Sale of agricultural land – Claim of exemption u/s 54B – Held that:- Commissioner was not that the AO had not made any inquiries, but that the Assessing Officer had not properly applied his mind and deliberated upon the issue - This does not meet the statutory requirement that the order passed by the AO was erroneous - Once inquiries were held and the AO formed a belief, the finding/opinion formed can be set aside only when it is erroneous and not because no inquires or inadequate inquiries were conducted - order of the Tribunal upheld – Decided against Revenue.
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