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2018 (10) TMI 1383 - HC - Income TaxRevision u/s 263 - Held that:- For the assessment year 2002-03 the assessee had gone in appeal before the Tribunal against the order of the CIT passed under Section 263 of the Income Tax Act by which the CIT had held that the regular assessment order dated 31.12.2007 passed by the ITO was erroneous and prejudicial to the interest of the revenue. However, upon perusal of the record as well as the orders passed by the authorities concerned reflect that in fact the AO had given notice to the assessee once again and had examined the entire benami transactions. Nothing had been left to imagination or to the realm of speculation. The verification had duly been made by the AO and then only the addition had been made. The CIT in fact sought to reach to the exercise without leading to any different results. The Tribunal has, therefore, made a categorical finding of fact in paragraph no.6 of the judgement that it could not be said that the AO had passed any order, which was either erroneous or prejudicial to the interest of revenue in order to revoke the provisions of Section 263 of the Act. - Decided in favour of the assessee
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