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2017 (11) TMI 797 - AT - Income TaxRevision u/s 263 - CIT has exercised his jurisdiction merely on the basis of audit objection - Held that:- CIT before holding the order of AO as erroneous in so far as prejudicial to the interest of revenue has to find out error after examination of the records. The mere finding of Ld. Pr CIT is that no documentary evidences are available on record does not render the order of the AO as erroneous and prejudicial to the interest of Revenue. In our considered view it was the duty under the Act that the Ld. PR CIT to make necessary inquiry for arriving at a conclusion that the order of AO is erroneous in so far as prejudicial to the interest of revenue. In absence of any specific error we set aside the order passed by Ld. Pr CIT u/s 263 of the Act. Thus the grounds of appeal raised by the assessee are allowed.
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