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2018 (11) TMI 1713 - AT - Income TaxRevision u/s 263 - order under section 143 (3) of the Act was passed by the assessing officer in haste, without proper enquiries and verification and without examination of books of accounts & other records - HELD THAT:- After hearing and discussing the matters with the A.R. on several dates and receiving requisite information/evidences in response to notices u/s.142( 1) of the Act, on as many as 18 issues, the Ld. A.O. was satisfied on his own perceptions about the correctness or otherwise of the return of income filed by the assessee. The issues on which he was dissatisfied, additions were made on those accounts. Therefore, the exercise aimed at ascertaining the correct income of the assessee has been fulfilled by the Ld. A.O. by exercising his quasi-judicial functions vis-a-vis passing the assessment order u/s. 143(3) of the Act. Therefore, certainly it is not a case wherein adequate enquiries at the assessment stage were not carried out or assessment was made in haste. However, what is an opinion formed as a result of these enquiries and verification of the materials is something which is in exclusive domain of the Assessing officer, and even if Commissioner does not agree with the results of such enquiries, the resultant order cannot be subjected to revision proceedings. From the above allegation which was the basis for initiating proceeding u/s. 263 of the Act, it is evident that the Ld. C.I.T. himself has not denied enquiry conducted by the A.O., rather he suspected that not much investigation which should have been done by the A.O. Therefore, the requisite enquiries conducted by the Ld. A.O. (details of which have been given in Table above in para No. 18 of this order) would not definitely go to establish the baseless allegation of the C.I.T. that the assessment order has been found to be passed without proper enquiry and in haste, more so as would be evident from the order sheet entries, the scrutiny proceeding continued during in the span of 1.5 years ( one year & five months) and there were 13 occasions when the assessee was called for submission of details/documents and hearings were conducted accordingly. Thereafter, after thorough examinations of the details and documents and explanations submitted by the Ld. A.R. of the assessee as per requisitions sought by the A.O. and as deemed fit for computing the true taxable income, the assessment was completed u/s. 143(3) of the Act on 26.02.2013. We are of the view that it is a settled position in law that provisions of section 263 of the Act do not permit substituting one opinion by another opinion. Therefore, the order of the Ld. C.I.T. cannot be sustained on the principle of 'erroneous' nature of the order of the A.O., as it is not erroneous. Further, in the instant case, to reiterate, there was no allegation by the Ld. revenue authorities that the evidences produced were fictitious or invented, thus accepted the authenticity of the same. Such an order cannot be called erroneous and prejudicial to interests of revenue. Hence, we are of the view that that revisionary jurisdiction exercised by the Ld. C.I.T. u/s. 263 of the Act was not in tune with the facts and evidences on record duly explained to the A.O. and verified by him in detail, that being so the order passed u/s. 263 of the Act on such erroneous stand is liable to be quashed. We accordingly quash the order u/s 263 of the Act and allow the appeal of the assessee.
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