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2019 (12) TMI 979 - AT - Income TaxRevision u/s 263 - adequate enquiry on the core issue - AO disallowing only 2% of gold purchases from Unregistered Dealers in cash is erroneous and prejudicial to the interest of the Revenue - HELD THAT:- Revisionary jurisdiction u/s 263 of the Act can be assumed by the Pr.CIT only in case where there is no enquiry conducted by the Assessing Officer, whereas in this present case it is already demonstrated before us that there has been adequate enquiry on the core issue of URD purchases by the Assessing Officer. This fact also accepted by the Ld. DR and moreover the Ld. DR could not bring on record any other decision or evidences contradicting these existing facts on record. That also, regarding the binding judgments referred to by the Ld. AR of the assessee, the Ld. DR could not bring on board any other contrary view of other High Court or the Apex Court. In view of the matter and on examination of facts on record and the binding principles enshrined from the judicial pronouncements referred hereinabove, we are of the considered view that the Ld. Pr.CIT was not correct in resorting to revisionary jurisdiction u/s 263 of the Act and therefore, we quash the order passed u/s 263 of the Act. - Decided in favour of assessee.
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