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2016 (6) TMI 940 - AT - Income TaxRevision u/s 263 - low profit shown - Held that:- Assessing Officer carried out the enquiries and investigation on the relevant aspect of the matter, which is clear from the order sheet entries, query raised and submission of the assessee filed in the course of assessment proceeding and thus the assessment order cannot be termed as erroneous or prejudicial to the interest of Revenue on the issue of low net profit shown by the assessee. We, therefore, set aside the action of the learned CIT in making an addition by applying net profit rate of 5% in ad-hoc manner.- Decided in favour of assessee Non verification of TDS applicability on the rent payment - Held that:- We find that the details in respect of rent account was filed by the assessee in its reply dated 07/09/2010.We find that each rent payment made is less than the statutory limit provided in the provisions of the Act related to the TDS. This fact has also been verified by the Assessing Officer in proceedings consequent to 263 proceedings, and amount of the rent paid to single person was below ₹ 1,20,000/- and, therefore, not liable for TDS. Therefore, the findings of the learned CIT on the issue was without proper appreciation of the facts available on record. - Decided in favour of assessee
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