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2016 (8) TMI 596 - AT - Income TaxRevision u/s 263 - A.O. had failed to invoke section 40(a)(ia) of the Act on freight charges paid by the assessee to 20 vehicles without deducting tax at source - Held that:- The assessee has obtained Form 15-I from its transporters and filed the same before the Commissioner of Income tax. Copies of these forms were also produced before the A.O. during the original assessment proceedings. The A.O. has verified these forms and came to the conclusion that the assessee has not violated the provisions of section 194C of the Act. This is a possible view. We do not find any error in the order of the A.O. Thus, the order of the Ld. CIT on this issue is bad in law. There is no error in the order of the A.O. warranting revision under section 263 of the Act. Disallowance of loading and un-loading charges - Held that:- CIT has based his conclusions on surmises and conjectures. There is no material before the Ld. CIT to come to the conclusion that the claim of the assessee is not genuine. Such suspicion cannot be a ground for review. Hence, the same is quashed. Unmatched financial charges - Held that:- There is no finding of the Ld. CIT that there is an error in the assessment order much less prejudice to the revenue. The method of accounting adopted by the assessee is being followed year after year. There is no fault that could be found in this system of accounting. Under these circumstances, the revision is bad in law. Assessee appeal allowed.
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