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2021 (7) TMI 568 - AT - Income TaxRevision u/s 263 - AO has passed the assessment order without making enquiries or verification - HELD THAT:- This is not a case where the AO has passed the assessment order without any enquiry, but the AO has taken one of the possible views taking into consideration the facts and circumstances of the case and the submissions made in the light of the cases relied upon by the assessee. As department has accepted the return of the assessee in the assessment years 2011-12 and 2012 -13 in which the similar issues were involved. The assessee has demonstrated the same by furnishing copies of computations and assessment orders passed u/s 143(3) of the Act. Further, the assessee has also placed on record the copy of notice issued by the AO u/s 142 of the Act issued during the assessment proceedings for the assessment year 2018-19, copy of reply to the said notice and the copy of assessment order passed by the AO u/s 143(3) read with sections 143(3A) & 143(3B) of the Act for the assessment year 2018-19 to demonstrate the consistent stand of the revenue in the previous years and the subsequent year. Perusal of the said documents reveal that the department has accepted the plea of the assessee in the assessment years 2011-12, 2012-13 and 2018-19. The Ld. PCIT has not pointed out any material change in the facts of the present case. Claim of deduction u/s 54B & 54F - As per the decision of Mahendra Rajnikant Zaveri [2018 (1) TMI 182 - ITAT JAIPUR]in the light of the CBDT Circular No 791 dated 02. 06. 2000 and taking into consideration the impossibility of the assessee being able to invest the amount, has held that the period of 6 months for the purposes of investment in specified assets must be reckoned from the date of receipt of consideration. So, we are of the considered view that since the AO had taken a possible view after hearing the assessee in the light of the cases relied upon by the assessee, the Ld. PCIT has wrongly exercise the jurisdiction u/s 263 of the Act and set aside the assessment order. As per the settled law u/s 263 of the Act, the CIT has power to examine an assessment order to ascertain as to whether it is erroneous and prejudicial to the interest of the revenue. Section 263 of the Act does not confer jurisdiction to rectify each and every mistake in the assessment order. Therefore, the assessment order can be revised only where the order is erroneous as well as prejudicial to the interest of the revenue and not for rectification of mistakes in the order. In the present case, since the AO had passed the assessment order after making enquiries and had taken a possible view consistent with the stand of the department in assessee’s own cases for the preceding assessment years 2012- 13 and 2011-12 and subsequent assessment year 2018-19, the Ld. PCIT has wrongly invoked the jurisdiction u/ s 263. Appeal of the assessee is allowed.
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