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2019 (2) TMI 1770 - AT - Income TaxRevision u/s 263 - unexplained investment - case of assessee was selected for scrutiny under CASS - HELD THAT:- AO had summoned unsecured creditors u/s. 131 of the Act and recorded their statements. The creditors appeared before the AO and admitted to have advanced money for the purchase of property by the assessee. AO in the assessment order accepted the source of investments furnished by the assessee. The documents on record clearly establish that the AO had made necessary enquiries to track the source of investments made by the assessee for purchasing the property. Documents on record clearly reveal that the Assessing Officer had applied his mind and has made enquiries/investigation with respect to the source of investments. The Assessing Officer recorded the statements of unsecure creditors. No discrepancies in the statements made by the unsecured creditors and the explanation furnished by the assessee were pointed by the Assessing Officer at the time of assessment. It is evidently a case of change of opinion by the Assessing Officer which the Assessing Officer successfully substituted by initiating proposal for invoking provisions of section 263 of the Act. We find merit in the submissions of assessee. As is evident from the documents on record we invoke the provisions of section 263 of the Act have been invoked in blatant abuse to revisional jurisdiction. - Decided in favour of assessee.
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