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2020 (12) TMI 47 - AT - Income TaxRevision u/s 263 - as per CIT-A interest on SBI constitute other income which was not properly verified by the AO - HELD THAT:- Assessee explained that the same represent interest on deposits made by the assessee firm as margin money for obtaining bank guarantee. Therefore, argued that the other income mentioned in the profit and loss account is part of business income which was considered by the AO and taken a conscious decision that no separate addition is warranted on account of other income. Since it is apparent from the assessment record that the assessee had explained that the other income represents business income which was accepted by the AO and did not make any addition, after examining the issue in detail, AO has applied his mind and taken a conscious decision holding that the other income is business income and estimation of income @0.5% meets the ends of justice. This Tribunal also in the case of ABC Engineering Works Vs. DCIT, Circle-2(1), Vijayawada [2019 (8) TMI 1603 - ITAT VISAKHAPATNAM]viewed that write off of sundry creditors constitute business income and no separate addition is required in respect of sundry creditors balances written off. The present revision is on difference of opinion which the Pr.CIT intends to substitute his opinion in place of decision taken by the AO and revision u/s 263 is not permitted on difference of opinion. This view is supported by the decision of Spectra Shares and Scrips (P) Limited [2013 (6) TMI 173 - ANDHRA PRADESH HIGH COURT] -merely because of difference of opinion, Pr.CIT cannot invoke his powers u/s 263 - Once AO had taken a conscious decision and acted in accordance with law and made the assessment, the same could not be branded as erroneous by the Commissioner, simply because according to him, the Assessing Officer should have made further enquiries. See G.V.R. ASSOCIATES VERSUS INCOME-TAX OFFICER [2017 (4) TMI 393 - ITAT VISAKHAPATNAM] - Decided in favour of assessee.
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