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2015 (4) TMI 865 - AT - Income TaxRevision of assessment order - CIT noticed huge amount of withdrawals/ payments by the party - Provisions contained u/s 263 cannot be used as a tool to start roving and fishing enquiry - Held that:- As submitted by the learned counsel for the assessee, similar issue had arisen before the Division Bench of this Tribunal in the case of Shanti Transport [2015 (4) TMI 825 - ITAT HYDERABAD] for assessment year 2009-10), wherein the order of the Assessing Officer passed under S.143(3) rejecting the books of account of the assessee and estimating the income by applying higher rate net profit rate was set aside by the Commissioner of Income-tax by exercising the powers conferred under S.263 for the alleged failure on the part of the Assessing Officer to make proper and sufficient enquiries on certain issues. The Tribunal, vide its order dated 10.10.2014, however, quashed the order passed by the learned Commissioner under S.263 and restored the assessment order passed by the Assessing Officer under S.143(3). A perusal of the relevant portion of the Tribunal order dated 10.10.2014 reproduced above, clearly shows that the issue involved in the present case as well as all the material facts relevant thereto are similar to the case of M/s. Shanti Transport decided by the Division Bench of this Tribunal, and this position is not disputed even by the Learned Departmental Representative. I therefore, respectfully follow the order of the Tribunal in the case of Shanti Transport [2015 (4) TMI 825 - ITAT HYDERABAD] and accordingly setting aside the impugned order passé by the learned Commissioner under S.263, restore the assessment order passed by the Assessing Officer under S.143(3). - Decided in favour of assessee.
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