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2016 (7) TMI 1496 - AT - Income TaxRevision u/s 263 - rectification of mistake u/s 154 - Held that:- The proceedings u/s 154 were dropped on account of a reply to the notice u/s 154. AO in this respect is placed. Therefore, from the above facts it is apparent that the Revenue Authorities first tried to reopen the case u/s 154, which on a replay filed by assessee were dropped and thereafter, the learned CIT took up the same issue by assuming jurisdiction u/s 263. Moreover, we find that the proceedings u/s 263 has been initiated in view of the audit objection raised by Income Tax officer (Audit) which is not permissible as per the settled position of law. - Decided in favour of assessee.
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