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2021 (8) TMI 975 - HC - Income TaxRevision u/s 263 - HELD THAT:- Two conditions of the order being erroneous and prejudicial to the interest of revenue have to be present at the stage when the Principal Commissioner or the Commissioner initiates the exercise of the jurisdiction u/s 263. The very reading of the clause 4.0 of the order would go to show that the Principal Commissioner, Income Tax is yet to arrive at his prima facie conclusion that the order of the AO was erroneous and in order to arrive at a satisfaction whether it was erroneous, the Principal Commissioner requires the matter to be examined further in depth. From such point of view, it is submitted by Dr. Saraf that the pre-condition to be present for invoking the Section 263 is absent in this case inasmuch as there is no prima facie satisfaction by the Principal Commissioner on the basis of the materials available as to whether the order of the Assessing Officer which is sought to be reviewed under Section 263 of the IT Act was an erroneous order. Income Tax Department prays for an adjournment to examine the matter.Prayer is allowed. List again on 26.08.2021
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