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2022 (5) TMI 217 - AT - Income TaxRevision u/s 263 by CIT - Reopening of assessment u/s 147 as high share premium - Addition u/s 68 - HELD THAT:- The assessee explained to the AO all the documentary evidences at the time of reassessment proceedings. Merely not commenting on the evidences in assessment order by the AO does not tantamount to non-application or non-verification of documents. CIT cannot exercise revisionary power in the decided issue which was specifically reopened on the very same ground and for which the assessee has submitted the details. The revisionary power u/s 263 can be issued/exercised when the assessment order is erroneous and prejudicial to the interest of the Revenue. In the present case the element of prejudicial to the interest of revenue element does not come into picture as the relevant inquiries were made by the AO. The decision relied by the Ld. DR that in case of NRA Iron and Steel Pvt. Ltd. [2019 (3) TMI 323 - SUPREME COURT] is not applicable in the present case as in that decisions as per the facts of that case Assessee Company - Respondent failed to discharge the onus required under Section 68 AO was justified in adding back the amounts to the Assessee’s income. But in the present case, the assessee company has discharged its onus required in respect of high share premium. Thus, order under Section 263 passed by the Principal Commissioner of Income Tax is not just and proper. The appeal of the assessee is allowed.
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