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2022 (1) TMI 418 - AT - Income TaxRevision u/s 263 by CIT - Unexplained transaction of receipt of advance and subsequent repayment - CIT-A seeking to revise the assessment order passed u/s 143(3)/147 - HELD THAT:- Chronological events which led to the Assessing Officer to pass assessment order u/s.143(3)/147 of the Act accepting the cash deposits we are of the considered opinion that the Assessing Officer in the instant case has verified all the aspects and therefore, the view taken by the CIT is only a second view which is not permissible under Section 263 of the Act. It is the settled proposition of law that for invoking jurisdiction under Section 263, the twin conditions, namely, the order is erroneous and the order is prejudicial to the interest of the Revenue must be satisfied. In the instant case, since the Assessing Officer has called for various details and after verification of the same has passed the order, therefore, the same cannot be treated as erroneous, as held by Hon’ble Supreme Court in the case of Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT] We also get support from the decisions of Mumbai Bench in the case of Narayan Tatu Rane, [2016 (5) TMI 1162 - ITAT MUMBAI] and Delhi bench in the case of Amira Enterprises Ltd [2017 (12) TMI 188 - ITAT DELHI] and Co-ordinate Bench in the case of P.Narasihma Reddy [2018 (7) TMI 1865 - ITAT HYDERABAD]. Accordingly, we set aside the order passed by the ld.CIT u/s. 263 of the Act and decide the issue in favour of the assessee.
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