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2016 (5) TMI 1187 - AT - Income TaxRevision u/s 263 - amount received from the insurance company as well as the clients - Held that:- The crux of the issue is that the fact that there was no loss of revenue has to be conclusively demonstrated. In the present case, one cannot come to a conclusion that there was no loss of revenue without verification of the assessment records for the assessment years 2006-07, 2007-08 and 2008-09. The ld.CIT had only set aside the issue to the file of the AO to verify this fact from the assessment records for the years 2006-07, 2007-08 and 2008-09. Hence, the ratio laid down by the Hon’ble Karnataka High Court in the case of Infosys Technologies Ltd.(2012 (1) TMI 76 - KARNATAKA HIGH COURT ) is squarely applicable to the facts of the case. Where the issue was not examined by the AO the ld.CIT was justified to remand the issue to the file of the AO for de novo verification. Assessee-company could not demonstrate before us that this issue was examined by the AO during the course of assessment proceedings. Hence, we are of the considered opinion that the order passed by the ld.CIT , in exercise of his power vested under the provisions of sec.263 of the Act, is proper and valid in law and the ld.CIT is justified in assuming jurisdiction u/s 263 of the Act. - Decided against assessee.
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