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2021 (10) TMI 111 - AT - Income TaxRevision u/s 263 by CIT - Assessment u/s 153A - whether AO had rightly not made any addition in the assessment year under consideration [AY 2014-15] which is an unabated assessment year? - HELD THAT:- Revision u/s. 263 of the Act has to be made within the well defined limits subject to satisfaction of preconditions - when an assessment is completed before the search (unabated assessment) then addition/disallowance can be made only to the extent of undisclosed income which is found during the course of search with reference to valuable, article or things found or documents seized during the search which are not disclosed in the original assessment. In unabated assessment years, items of regular assessment cannot be added back in the proceedings u/s. 153A of the Act when no incriminating materials were found in respect of the fault/issue pointed out by the Ld. Pr. CIT. Except that of abated assessment years, a search assessment u/s. 153A of the Act should be evidence based of undisclosed income, therefore, we are of the view that assessment order passed by the AO u/s. 153A/143(3) dated 29.03.2016 is neither erroneous nor prejudicial to the interest of the revenue and therefore, Ld. Pr. CIT erred in exercising his revisional jurisdiction u/s. 263 and therefore, we are of the view that he invoked revisional jurisdiction without satisfying the essential pre-condition as stipulated in sec. 263 - Decided in favour of assessee.
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