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2018 (6) TMI 1045 - AT - Income TaxRevision u/s 263 - erroneous and prejudicial order to the interest of the revenue - Held that:- as per CIT(A) there was difference in sale/purchase price of Gold - assessee admitted that there is clerical mistake in the details filed regarding sale and purchase of the gold during the month of March which was overlooked by the AO - thus AO failed to make any enquiry regarding the purchase and sale including quantitative details of the gold bars, therefore, it is a case of no enquiry by the Assessing Officer for which the Pr. CIT has rightly invoked the provisions u/s 263. Provisions u/s 263 of the Act becomes redundant, if it is not invoked in such type of cases like the present one where the assessee pleads before the Pr. CIT that there were certain inadvertent clerical error of purchase and sale including quantitative details This itself shows that there is absolute non-application of mind and no enquiry conducted by the Assessing Officer at all - hence the Assessment order has become both erroneous as well as prejudicial to the interest of revenue for which Pr. CIT was justified in invoking the provision of Section 263 - Decided against the assessee.
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