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2022 (6) TMI 141 - AT - Income TaxRevision u/s 263 - Addition u/s 68 on account of share capital and share premium - HELD THAT:- AO came to a conclusion that identity, genuineness and creditworthiness of investor entities were duly established by the assessee and therefore, these transactions were accepted to be genuine transactions. The fact that due enquiries were made by AO is also evident from the perusal of order-sheet entries of the assessment proceedings. Therefore, it could be concluded that the issue of receipt of share capital and share premium was specifically examined by Ld. AO with due application of mind and accepted after carrying out necessary enquiries and verification. Simply because the revisionary authority felt that various other aspects were also to be examined or the same very issue was to be examined from another angle, the same could not be a valid ground to revise the assessment order. If this is allowed, there would be no end to litigation and there would not be finality to the assessment. The pre-conditions to revise the order is that there should be lack of enquiry on the part of Ld. AO which made the order erroneous as well as prejudicial to the interest of the revenue - as noted in preceding paragraphs, the issue was duly examined and subjected to due verification by Ld. AO during earlier assessment proceedings and there was due application of mind to the issue. This being so, the second revision on the same very issue could not be held to be sustainable in the eyes of law. Therefore, by quashing the revisionary order we allow the appeal of the assessee.
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