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2018 (5) TMI 501 - AT - Income TaxRevision u/s 263 - non discussion of the issues - Payment to SCPL, Loss on account of exchange fluctuation, Reimbursement of travelling expenses not claimed by the assessee and Gifts received by the assessee from his father - Held that:- Order was passed by the AO under section 143(3) of the Act after conducting necessary enquiries and considering the submission filed by the assessee during the assessment proceedings. It is undisputed fact that the order the AO was nonspeaking and returned income was accepted under the assessment proceedings but in our considered view non discussion of the issues in the assessment order cannot render the order as erroneous and prejudicial to the interest of Revenue on account of non-verification of the issues. On perusal of order sheet entries maintained by the CIT u/s 263 of the Act it was revealed that the necessary details were called for by the Ld CIT which were duly filed by the assessee. Thereafter the order was passed by the Ld CIT u/s 263 holding the order of the AO as erroneous in so far prejudicial to the interest of the revenue in respect of the aforesaid items. The copies of the order sheet entries is available on record. From the order sheet of the Ld CIT we note that that is no allegation that order of the AO in respect of the aforesaid items is erroneous in so far prejudicial to the interest of Revenue. Consequently it can be inferred that the order of the AO has been held as erroneous in so far prejudicial to the interest of Revenue in respect of the aforesaid items without giving portability to the assessee. Therefore in such circumstances we are of the view that the Ld CIT has exceeded his jurisdiction u/s 263 - Decided in favour of assessee
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