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2017 (3) TMI 383 - AT - Income TaxRevision u/s 263 - claim of TDS - Held that:- We note the facts marshaled on behalf of the assessee that the income towards differential amount of ₹ 16,03,521/- noticed by the Commissioner has been already offered for taxation in the year prior to the impugned AY 2006-07. The TDS has been claimed in the current assessment year as per certificate issued by the deductor as per its books of accounts. This has given rise to the mismatch in the figures of job-work. However, the impugned income has not escaped assessment at all. On the contrary, the income has been offered prior to the year in which it is sought to be taxed by the Commissioner. These facts could not be rebutted on behalf of the revenue at any stage of the proceedings before us. Clearly, the return of income filed by the assessee in not offering the job work charges in the assessment year 2006-07 when the income has already been offered in the earlier assessment year cannot be said to be erroneous by any stretch of imagination. Consequently, the assessment order passed u/s 143(3) of the Act cannot be said to be suffering from any ‘error’ on this score. Thus, one of the two conditions, as noted above, is clearly not satisfied. The order u/s 263 is, therefore, liable to be struck down on this score alone. In the absence of any demonstrable loss of revenue, interference in exercise of power under Section 263 cannot be justified. - Decided in favour of assessee
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