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2020 (3) TMI 1072 - ITAT HYDERABADRevision u/s 263 - order of the AO (DCIT) passed U/s. 143(3) r.w.s 147 is erroneous and prejudicial to the interests of the Revenue - HELD THAT:- On perusing the order of the Ld. AO we do not find any mention regarding the issues discussed by the Ld. CIT in his order U/s. 263. Further, since the issues raised by the Ld. CIT is of grave consequence, it is necessary to examine those issues in detail. Accordingly, the ld. CIT has only directed the AO to examine those issues in detail and to pass appropriate order in accordance with law and merit which is appropriate. In this situation, we do not find much strength in the arguments advanced by the AR and we further find merit in the order of the Ld. CIT for invoking his powers u/s. 263 and directing the AO to examine the issues pointed out by him in detail and thereafter to pass appropriate order in accordance with law and merit. For the afore said reasons, we do not find it necessary to interfere with the order of the Ld. CIT. Hence, the appeal of the assessee is devoid of merits. Order passed by the Ld. CWT U/s. 25 of the Wealth Tax Act for setting aside the order of the Ld. WTO and directing him to frame fresh assessment order after verifying the issues pointed out in the order passed U/s. 25 of the Act - HELD THAT:- We find that the order of the Ld. CWT passed U/s. 25 of the Act dated 26/3/2012 does not survive because the revised wealth tax assessment order passed by the ld. WTO U/s. 16(3) r.w.s 17 of the Act, dated 23/12/2009 was quashed by the Tribunal for the AY 2002-03 in the assessee’s case vide order dated 08/1/2014. Therefore, we hereby quash the order passed by the Ld. CWT U/s. 25 of the Act dated 26/3/2012 for the relevant AY 2002-03.
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