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2016 (12) TMI 1490 - AT - Income TaxRevision u/s 263 - A.O. failed to examine cost of acquisition of an asset claimed by the assessee even though registered deeds shows cost of acquisition, which is less than the cost of acquisition claimed by the assessee - Held that:- On perusal of the facts available on record, we find that the A.O. has conducted detailed enquiry and also examined the issue of computation of cost of acquisition in the reassessment proceedings. The re-assessment proceeding was initiated for a specific purpose of examination of cost of acquisition claimed by the assessee. In the re-assessment proceedings, the A.O. after satisfied with the explanations offered by the assessee, has accepted explanations and completed assessment by accepting the income assessed in the original assessment. Once, the issues on which CIT wants further verification, have been considered by the A.O. at the time of assessment, the CIT cannot assume jurisdiction unless proved that the assessment order passed by the A.O. is erroneous in so far as it is prejudicial to the interest of the revenue. In the present case, the assessment order passed by the A.O. is neither erroneous nor prejudicial to the interest of the revenue, therefore, the CIT was erred in assuming jurisdiction to revise the assessment order u/s 263 of the Act. We, therefore, set aside order passed by the CIT u/s 263 of the Act and restore assessment order passed by the A.O. u/s 143(3) r.w.s. 147 of the Act. - Decided in favour of assessee
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