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2022 (7) TMI 1298 - AT - Income TaxRevision u/s 263 - unexplained cash credit u/s.68 - addition towards share capital and share premium - addition of share premium of Re. 1/- per share contemplated by the ld. PCIT by assuming revision jurisdiction u/s.263 on the premise that assessee had not furnished any details either before the ld. AO or before him - HELD THAT:- Addition in respect of face value of Rs.10/- per share on account of share capital has already been made by the ld. AO and the same is the subject matter of appeal before the ld.CIT(A) and it is pending. Hence, we do not want to give any finding or opinion on the veracity of the addition made u/s.68 of the Act in respect of face value of Rs.10/- per share. At the same time going by the documents filed by the assessee both before the ld. AO and before the ld. PCIT, which fact had been duly acknowledged by both the parties in their respective orders, we find that the ld. PCIT had erred in assuming revision jurisdiction u/s.263 in the instant case as it is based on the mistaken premise that assessee had not furnished any documents to prove the three ingredients of Section 68 and further on another mistaken premise that the AO had made addition after considering all the submissions of the assessee. Hence, it could be safely concluded that the entire assumption of jurisdiction by the ld. PCIT u/s.263 of the Act is based on incorrect assumption of fact. On this primary ground itself revision order u/s.263 passed by the ld. PCIT deserves to be quashed and is hereby quashed. - Decided in favour of assessee.
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