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2019 (7) TMI 1193 - HC - Income TaxRevision u/s 263 - CIT directing the AO to undertake afresh the exercise of assessment for the AY in question - ITAT concluded that the AO had during the course of Assessment proceedings after making detailed and specific inquiries in relation to the Assessee’s stock, accepted the reconciliation report with respect to the variation of value of stock, having again examined the impugned order of the CIT in the light of the original assessment order of the AO - HELD THAT:- This Court is not persuaded to conclude that the impugned order of the ITAT suffers from any legal infirmity. In particular, this Court concurs with the view of the ITAT that in the present case the AO had indeed undertaken a detailed inquiry into the aspect of valuation of stock and that, therefore, the requirements for assumption of jurisdiction by the CIT under Section 263 of the Act were not fulfilled. The Court does not find any substantial question of law arising from the impugned order of the ITAT. The appeal is accordingly dismissed.
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