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2014 (8) TMI 58 - AT - Income TaxRevision order u/s 263 – Reframing of assessment u/s 143(3) – Held that:- The AO has accepted accounting entries as it is without making any inquiry on the issues entertained by the CIT in the 263 proceedings - the cost incurred by the assessee towards the club house has to be examined - assessee will not have any say in admission of the members in the club house or it will not enroll any outsider as a member - relying upon Mrs. Khatiza S. Oomerbhoy Vs. ITO, Mumbai [2006 (2) TMI 201 - ITAT BOMBAY-H] - The bylaws of the Society or of the club not framed not shown - It was a crucial question whether expenditure incurred on construction of club house ought to be allowed to the assessee while recognizing the revenue under the percentage completion method - Commissioner has rightly held that the assessment order is erroneous which has caused prejudice to the Revenue – Decided against Assessee.
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