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2021 (11) TMI 132 - AT - Income TaxRevision u/s 263 by CIT - AO made the detailed inquiry by issuing not only notice u/s 143(2) but also u/s 142(1) - HELD THAT:- AO has adopted one of the courses permissible in law and even if it has resulted in loss to the revenue, the said decision of the Assessing Officer cannot be treated as erroneous and prejudicial to the interest of the revenue as in Malabar Industries Ltd. vs. CIT [2000 (2) TMI 10 - SUPREME COURT] - Since the order of the AO cannot be held to be erroneous as well as prejudicial to the interest of the revenue, in the facts and circumstances narrated above, the usurpation of jurisdiction exercising revisional jurisdiction by the Principal CIT is ‘’null’’ in the eyes of law and, therefore, we are inclined to quash the very assumption of jurisdiction to invoke revisional jurisdiction u/s 263 by the Learned Principal CIT. Therefore, we quash the revision order of the ld Principal CIT dated 23.03.2017 being ab initio void. - Decided in favour of assessee.
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