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2021 (4) TMI 988 - AT - Income TaxRevision u/s 263 - Order of the Ld.CIT(A) annulling the assessment order passed u/sec143(3) - HELD THAT:- As decided in RELIANCE MONEY INFRASTRUCTURE LTD. VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX, MUMBAI [2017 (10) TMI 630 - ITAT MUMBAI] it is not permissible for the Pr CIT to disturb a concluded assessment on the ground that the AO has not dealt with or discussed in the assessment order the issues examined by him during the assessment proceedings. It is enough if the AO has elicited information/explanations from the assessee and the assessee has filed the same before the AO so long as there is no incorrect appreciation of facts or the assessment is not contrary to or not in accordance with law.The amendment to section 263 is also prospective. Thus, the reversionary proceedings u/s 263 of the Act are not validly initiated in view of the facts that the issues raked up by the Pr.CIT stand examined by the AO in the assessment proceedings and the ld Pr CIT has failed to state as to how the order of AO is erroneous and not in accordance with law or settled legal position. Even on merit, the assessee is entitled to all the deductions/claims as per the provisions of the Act. When the revision order u/s 263 of the Act was set-aside being invalid and any subsequent proceedings shall become infructuous. The Ld.DR could not controvert the findings of the Ld.CIT(A) with any new cogent material or information but relied on the Assessing officer order. Accordingly, we do not find any infirmity in the order of Ld.CIT(A) who has relied on the Hon’ble tribunal decision and passed a reasoned order and we upheld the same and dismiss the grounds of appeal of the Revenue.
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