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2021 (8) TMI 1165 - AT - Income TaxRevision u/s 263 by CIT - proof of AO's order as erroneous or prejudicial to the interest of revenue - violation of the provisions of section 40A(3) - Disallowance u/s 40(a)(ia) - HELD THAT:- AO as made enquiries into transactions of cash payment in excess of ₹ 20,000/-, and the action of assessing officer in accepting the claim of assessee that transactions in question were not in violation of the provisions of section 40A(3) of the Act, after detailed enquiry, is a plausible view. AO also made detailed enquiry about TDS to be deducted under section 40(a)(ia) of the Act, therefore, we find that the twin conditions required for exercising the jurisdiction u/s 263 is missing, that is, order passed by the assessing officer is neither erroneous nor prejudicial to the interest of revenue, therefore, the Ld. CIT ought not to have exercised his revisional jurisdiction under section 263 of the Act and, hence, we cancel the impugned revisional orders for assessment year 2010-11 and assessment year 2013-14 - Decided in favour of assessee.
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