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2022 (2) TMI 638 - ITAT HYDERABADRevision u/s 263 by CIT - Denial eligibility for exemption under Explanation 3 to 2(1A) r.w.s. 10(1) - directions to treat the assessee's income arrived from banana saplings as a business activity than that derived from agricultural operations eligible for the foregoing exemption - HELD THAT:- PCIT has elucidated the detailed process in tissue culture activity which had neither been examined by the Assessing Officer nor the assessee had filed the corresponding details. We also deem it appropriate to quote that the legislative amendment made in section 263 by way of insertion of Explanation 2 in Finance Act, 2015 w.e.f. 01.06.2015 that an assessment order passed without making enquiry or verification is deemed to be an erroneous one in so far as it is prejudicial to the interest of Revenue. We thus uphold the learned PCIT's revision jurisdiction direction herein in principle. It shall however be open to the assessee to raise all factual as well as legal arguments before the Assessing Officer in support of her impugned exemption claim as per law; if so advised in consequential proceedings. The assessee fails in all of her substantive grounds.
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