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2015 (10) TMI 2371 - AT - Income TaxRevision u/s 263 - Assessing officer has accepted VDIS claim without enquiry - Held that:- It is a matter of fact that the Assessing officer being an adjudicating officer has to form an opinion on the basis of evidence, which he has duly done. If the Ld. CIT on the same set of evidence forms an opinion, it being a question of fact, does not given him jurisdiction to revise the same u/s 263 of the Act. This is certainly a case of difference of opinion between Assessing officer and CIT. The only contention of the CIT seems that the Assessing officer should have made further enquiries / investigation, which he has not done. However, for assuming jurisdiction u/s 263, one has to keep in mind the distinction between lack of inquiry and inadequate enquiry. If there was an enquiry, even inadequate, that would not by itself give occasion to the CIT to pass order u/s 263, merely because he has a different opinion in the matter. It is only in case of 'lack of inquiry' that such a cause of action could be open. Assessing officer called for action, assessee replied to the Assessing officer, Assessing officer accepted and even in the office note meant for internal purposes he mentions that the assessee has substantiated the jewellery seized. In view of these evidences, this is not a case of lack of inquiry either. In view of the above analysis, we do not find any error in the order of Assessing officer. Hence, we set aside the order of Ld. CIT made u/s 263 of the Act as the order of the Assessing officer is not found to be erroneous. - Decided in favour of assessee
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