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2016 (1) TMI 1469 - AT - Income TaxRevision u/s 263 by CIT - Assessment u/s 153C - assessee had sold two pieces of land at Hydernagar and different rates were adopted in both the sales though there was not much of time gap between the two dates of sale - huge variation in the market value of the land though the lands are situated in the same locality and no reason for such variation is forthcoming from the assessment order - A.O. has not verified this issue while passing the assessment order under section 143(3) read with section 153C and hence, held that the assessment order is both erroneous in so far as it is prejudicial to the interests of the Revenue - HELD THAT:- As revision proceedings have been initiated at the behest of the A.O. and not independently by the Ld. CIT because the proposal was sent to the Ld. CIT by the Assessing Officer. This issue has been considered in the case of M/s. Aashi Plywood Industries Ltd., Hyderabad [2016 (1) TMI 176 - ITAT HYDERABAD] wherein held that except for some cosmetic charges, the reasons are adopted verbatim by the CIT. In these circumstances, revision orders passed by the Ld. CIT are not maintainable for want of valid initiation of the proceedings under section 263 - we thus hold that the revision proceedings under section 263 of the I.T. Act are not sustainable - Decided in favour of assessee.
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