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2017 (12) TMI 1349 - AT - Income TaxRevision u/s 263 - proof of AO's order to be erroneous or prejudicial - Held that:- Notice under section 263 was issued by the ld. Principal CIT pointing out the error in the order of the Assessing Officer in treating the derivative loss as non speculation loss and in a reply filed by the assessee to the said notice, a detailed submission was made by the assessee to show as to how its claim for derivative loss as non-speculation loss was rightly accepted by the Assessing Officer on merits. CIT however passed the impugned order under section 263 without giving any finding or conclusion as to how the order of the Assessing Officer was erroneous on merits in respect of the issue raised in the notice issued under section 263 and set aside the same on the ground of lack of enquiry by the Assessing Officer without even putting the assessee on notice. In our opinion, the ratio of the decision rendered by the Coordinate Bench of this Tribunal in the case of Infinite Infotech Park Ltd. (2017 (6) TMI 294 - ITAT KOLKATA) thus is squarely applicable in the present case and applying the same, we hold that the impugned order passed by the ld. Principal CIT under section 263 is liable to be quashed - Decided in favour of assessee.
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