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2019 (3) TMI 1201 - ITAT VISAKHAPATNAMRevision u/s 263 - assessment competed u/s 143(3) - interest payment simply allowed by AO without making enquiry - chit loss claim accepted by AO without making any enquiry - HELD THAT:- Pr.CIT has specifically pointed out in his order that assessee has invested in the firm of ₹ 18,85,000/- as against the bid amount of ₹ 36.00 lakhs, ignoring this fact the AO has allowed the entire chit loss claimed under the head ‘income from other sources’, instead of allowing the proportionate chit loss on the bid amount against income from M/s. Shine Steels received by way of interest & remuneration. Therefore, the order passed by the Assessing Officer is prima-facie erroneous and prejudicial to the interests of the Revenue as pointed out by the Pr.CIT. We find that the Assessing Officer simply accepted the explanation of the assessee and assessment is completed. Therefore, the Pr.CIT has examined all the facts and gave a finding that the order passed by the Assessing Officer is erroneous and prejudicial to the interests of the Revenue. We fully agree with the order passed by the Pr.CIT. No reason to interfere with the order passed by the Pr.CIT. Thus, this appeal filed by the assessee is dismissed.
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