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2017 (5) TMI 1266 - AT - Income TaxRevision u/s 263 - applicability provision of explanation to section 73 - Held that:- The only income and during the year under consideration was dividend on shares and mutual fund which it chargeable to tax under the head ‘income from other sources’. In reply to the applicability of explanation to section 73 of the act the assessee contended that section 73 is not applicable to the assessee company. The copies of reply of assessee dated 2 November 2011 and 5th November 2011 and the various details makes it clear that the assessing officer considered the factual matrix of the issue before passing the assessment order. Thus, from the record placed before us it cannot be said that the assessment was passed without application of mind and/or no question was raised by assessing officer regarding the loss shown by assessee. We may also not that the assessing officer has not referred his finding regarding the claim of loss, the manner in which it was substantiated by assessee in the assessment order. The revenue has not disputed the copies of replies placed before the assessing officer. Thus, from the contents of order of assessment we may conclude that order maybe erroneous as the same is not speaking order on a particular issue, however the order is not prejudicial to the interest of revenue. The assessing officer passed the order which is based on one of the possible view. We may further conclude that the order passed by learned Commissioner does not fulfill the twin condition as contemplated under section 263 of the Act. The order of learned Commissioner is based on change of opinion. - Decided in favour of assessee.
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