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2019 (9) TMI 947 - AT - Income TaxRevision u/s 263 by CIT - assessment u/s 147/ 143 - addition u/s 68 - HELD THAT:- AO had made enquiries during the assessment proceedings by issuing various notices alongwith questionnaire, as aforesaid and the assessee had given detailed replies/explanation and Assessing officer on being was satisfied with the explanation of the assessee and completed the assessment at NIL, hence, such decision of the AO cannot be held to be "erroneous"; and therefore cannot be revised u/s. 263 of the Act. We further note that Assessing officer even enquired from seller independently u/s. 133(6) of the Act from whom assessee has purchased shares which has been further sold to M/s Virgin Capital Services Ltd. and others. We further note assessee has sold the shares of M/s Allders Khannas (P) Ltd to M/s Parikatha Buildwell Pvt. Ltd.; Sadabhujs Realtors Pvt. Ltd.; RG Enterprises and Sunita Bindal which has been accepted in order of Assessment and has not been disputed in proceedings u/s. 263 Show cause notice itself would show that it has not been denied or disputed that all relevant information including books of accounts have been furnished / obtained in the course of assessment proceedings. We note that section 263 of the Act cannot be invoked to make deeper enquiry. We note that notice u/s. 263 of the Act issued by the Pr. CIT is vague and only for making deeper enquiry and re-considering the evidences already on record duly considered during assessment proceedings based on purported proposal that fresh facts have been emerged subsequent to the order of assessment which is factually incorrect and untenable and the conditions or the factors enabling the Ld. Pr. CIT to invoke his jurisdiction u/s 263 have not been satisfied. There must be positive material for the Commissioner to consider objectively and not subjectively that the order of the Assessing Officer was erroneous, in so far as it was prejudicial to the interest of revenue. - Decided in favour of assessee.
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