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2018 (11) TMI 1811 - AT - Income TaxRevision u/s 263 - AO could not receive the verification in respect of the source of receipt from 10 parties from whom the assessee has taken advances - HELD THAT:- AO who is empowered by the Act to assess a subject within a prescribed time period has first assessed the assessee and later after passage of time has taken up a proposal with the CIT to exercise his revisional jurisdiction cannot be countenanced for the simple reason that when in the first place the AO noticing that he failed to properly enquire before assessing the assessee within the time limit prescribed by the statute cannot be allowed to get fresh innings to reassess because it was his duty to enquire properly within the time limit prescribed by the statute. The very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming to such a decision we rely on the decision of the Tribunal in the case of Shantai Exim Ltd. [2016 (2) TMI 1281 - ITAT AHMEDABAD] and Ashok Kumar Shivpuri, [2014 (11) TMI 1176 - ITAT MUMBAI] - we quash the very usurpation of jurisdiction u/s. 263 by CIT - Decided in favour of assessee.
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