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2021 (12) TMI 1065 - AT - Income TaxRevision u/s 263 by CIT - As per CIT AO has decided the matter in favour of the assessee without going deep into the issue regarding seized foreign currency and excess income over total expenditure - HELD THAT:- Every loss of revenue as a consequence of an order cannot be termed as prejudicial to the interests of the Revenue. In the case of ITO v. DG Housing Projects Ltd [2012 (3) TMI 227 - DELHI HIGH COURT]as held that revisional power under section 263 of the Act is normally exercised in the case of no enquiry and not in the case of inadequate enquiry. The Assessing Officer has passed the assessment order after making enquiries, Commissioner of Income-tax (Exemptions) has wrongly observed that the Assessing Officer has passed the order without making any inquiry on the issues discussed in the revisional order. The documents referred by the learned counsel do not suggest that the Assessing Officer has passed the assessment order without conducting any enquiry. Hence, in our considered view this was not the case where the Assessing Officer has passed the assessment without making enquiry for holding the same as erroneous. In the case of. CIT v. Software Consultants [2012 (2) TMI 18 - DELHI HIGH COURT] the hon'ble Delhi High Court has held that where no addition is made on the grounds mentioned in the reasons recorded for reopening of the assessment, the assessment order cannot be said to be erroneous under section 263 of the Act In the present case the Assessing Officer has not made any addition on the ground mentioned in the reasons recorded Hence, the findings of the learned Commissioner of Income-tax (Exemptions) are not in consonance with the ratio laid down in the aforesaid case - we allow the appeal of the assessee and set aside the impugned order passed by the learned Commissioner of Income-tax (Exemptions) under section 263 of the Act. - Decided in favour of assessee.
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